London- Hussain Shahristani, the deputy Prime Minister for Energy reported on Tuesday that Exxon Mobil is negotiating and deliberating with potential buyers who would take on the West Qurna 1 oilfield. He also mentioned to the press on the sidelines of the Oil and Money conference held in London, a yearly congregation of high rung industry executives that Exxon Mobil would soon transfer the field’s reigns to a company which would be competent and capable enough to exploit the oil field to its fullest, but refused to disclose the names and count of such probable companies present.
Exxon Mobil has clearly mentioned to the Iraqi Government that it wants to opt out of the oil exploitation project in southern Iraq worth $50 billion. LUKOIL, Russia’s second leading crude oil producer told on Friday that it would consider an offer from Exxon Mobil regarding the take over of the West Qurna -1 oilfield located in southern Iraq. Earlier LUKOIL had mentioned that they did not possess expertise to take on such a massive project like the West Qurna -1 oilfield since they are already operating to develop the West Qurna-2 oilfield, but on Friday LUKOIL mentioned that it would at least consider the proposal by taking a look at it.
Source [Chicago Tribune]