Petrochina to expand dominant position in S. Iraq

PetroChina to join Exxon on giant Iraq oilfield - Reuters | Oil company's deal will reinforce China's dominant position in oilfields of southern Iraq. China's biggest energy firm PetroChina will join ExxonMobil in developing Iraq's giant West Qurna oilfield and is in talks with Lukoil to buy into a second project at the field, industry sources said. China is already the top foreign player in Iraq's southern oilfields and a deal at West Qurna would boost its dominance and could make PetroChina the biggest single foreign investor. PetroChina partners BP at Rumaila, Iraq's biggest oilfield, and operates the Halfaya field. The company was the first foreign firm to sign an oil service deal in Iraq after United States-led forces toppled former president Saddam Hussein. ...Exxon holds a 60 per cent stake in West Qurna 1, a US$50 billion investment project pumping around 480,000 barrels per day (bpd).