PetroChina takes over from ExxonMobil as operator of Iraq’s West Qurna 1 oilfield

China’s PetroChina has taken over as main operator of Iraq’s West Qurna 1 oilfield in Basra, replacing ExxonMobil 

Basra Oil Company has become a major partner in managing the field, holding a 22.7% stake, alongside PetroChina, Pertamina from Indonesia, Itochu from Japan, and the government partner, the Oil Exploration Company.

The subsequent holdings in the field are: PetroChina 32.7%; Basra Oil Company (BOC) 22.7%; Itochu 19.6%; Pertamina 20%; and Oil Exploration Company 5%.

The current production capacity of the field exceeds…