Iraq seeks to settle the stake of the US company Exxon Mobil in West Qurna
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Iraq seeks to settle the stake of the US company Exxon Mobil in West Qurna
by claud39 Thu Apr 22, 2021 10:42 am
Iraq seeks to settle the stake of the US company Exxon Mobil in West Qurna
22/04/2021
The information / translation ... Iraq
seeks to settle the share of the US company Exxon Mobil in the first West Qurna field by the end of next June, even after the American company Chevron Corp., a major competition, rejected the initiatives to buy the position. "The company may open talks with more companies after Exxon submitted a request to sell its 32.7 share of crude oil," BNN Bloomberg reported in a report translated by the agency / Al-Maaloumah / on the authority of the General Director of the Basra Oil Company, which oversees crude oil production in the region, Khaled Hamzah. % Last December, "adding that" the Bank of China has no objection to a Chinese company buying the stake. "
The report added, “The Iraqi Oil Ministry had determined last month that it was in talks with US companies about the possibility of taking over the position of Exxon as an operator, but Bloomberg confirmed that the two Chinese oil giants Petrojina and CN Oussi are considering buying the stake, but such a deal will increase China's influence in this field, given that Petrogina already holds a 32.7% stake in the field.
"We had hoped that Chevron would buy Exxon's share and be the alternative, but it seems that they did not have the desire to be the alternative," said the general manager of the Basra Oil Company, Khaled Hamza, saying, "While a spokesperson for Chevron declined to comment, and a spokesman for ExxonMobil declined to comment." .
ExxonMobil was the main contractor in West Qurna the first in 2010, as the country sought to rebuild its oil industry after the second Gulf War and years of rebellion, but the field's profitability and attractiveness for future investment diminished in recent years due to difficult contractual terms, OPEC production cuts and political instability While one of Exxon's main priorities is to reduce debt after the Corona virus crushed its cash flow last year.
End / 25 z
https://almaalomah.org/2021/04/22/531228/
22/04/2021
The information / translation ... Iraq
seeks to settle the share of the US company Exxon Mobil in the first West Qurna field by the end of next June, even after the American company Chevron Corp., a major competition, rejected the initiatives to buy the position. "The company may open talks with more companies after Exxon submitted a request to sell its 32.7 share of crude oil," BNN Bloomberg reported in a report translated by the agency / Al-Maaloumah / on the authority of the General Director of the Basra Oil Company, which oversees crude oil production in the region, Khaled Hamzah. % Last December, "adding that" the Bank of China has no objection to a Chinese company buying the stake. "
The report added, “The Iraqi Oil Ministry had determined last month that it was in talks with US companies about the possibility of taking over the position of Exxon as an operator, but Bloomberg confirmed that the two Chinese oil giants Petrojina and CN Oussi are considering buying the stake, but such a deal will increase China's influence in this field, given that Petrogina already holds a 32.7% stake in the field.
"We had hoped that Chevron would buy Exxon's share and be the alternative, but it seems that they did not have the desire to be the alternative," said the general manager of the Basra Oil Company, Khaled Hamza, saying, "While a spokesperson for Chevron declined to comment, and a spokesman for ExxonMobil declined to comment." .
ExxonMobil was the main contractor in West Qurna the first in 2010, as the country sought to rebuild its oil industry after the second Gulf War and years of rebellion, but the field's profitability and attractiveness for future investment diminished in recent years due to difficult contractual terms, OPEC production cuts and political instability While one of Exxon's main priorities is to reduce debt after the Corona virus crushed its cash flow last year.
End / 25 z
https://almaalomah.org/2021/04/22/531228/
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