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[size=38]Why did Exxon Mobil sell its stake in the West Qurna field?[/size]
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March 19, 2023[You must be registered and logged in to see this link.]
Baghdad / Obelisk: Economic expert Nabil Al-Marsoumi said, on Sunday, that Exxon Mobil sold part of its 32.7% stake in the West Qurna / 1 field to the Indonesian company Pertamina, which owned a 10% stake, while the Chinese company Sinooc owns 32.7%, and the Atocho company owns 32.7%. The Japanese party has a percentage of 19.6%, and the national party has a percentage of 5% in the field, which produces about 400,000 barrels per day.
He added that ExxonMobil's withdrawal is linked to several factors, the most important of which are: the low profit rate in the field that applies the service contract model, as well as the US company's focus on investing in the Americas, including US and Brazilian shale oil fields, and liquefied gas projects in Africa.
He continued: The withdrawal also comes in the context of selling its non-strategic assets, including its investments in the West Qurna field, and focusing on higher-priority investments, which limits the need to issue more debt and supports the current dividends.
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