Basra Oil to acquire biggest share in Exxon stake in West Qurna 1 oilfield

BAGHDAD - Iraq's Basra Oil Company will acquire the biggest share in Exxon Mobil's stake in the southern West Qurna 1 oilfield after approving the 2022 budget, oil minister Ihsan Abdul Jabbar told reporters on Sunday.

Iraq's oil ministry formally asked to purchase US energy giant Exxon's shares in the oilfield in May 2021, which is one of the world's largest with recoverable reserves estimated at more than 20 billion barrels.