PetroChina to buy stakes in Iraq oil field

Beijing: China’s largest oil and gas producer, PetroChina, will buy a 25% stake in West Qurna-I oil project in Iraq from Exxon Mobil.

After the deal, Exxon will still hold 25% of the field and continue as its operator, the rest of the field is owned by Royal Dutch Shell PLC and Iraq's state-owned South Oil Co.

The West Qurna-1 field is located near Basra in southern Iraq, and is estimated to be able to produce nearly 3m barrels of crude oil a day. [29/11/13]

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