PetroChina Acquires 25% Interest in Iraqi Xiguerna Phase 1

China National Petroleum Corporation announced on November 28 that it had officially completed the delivery of its 25% stake in the Iraqi Xigurna-1 technology service contract held by a subsidiary company of ExxonMobil Corporation through its wholly-owned subsidiary. The specific purchase amount was not disclosed.
The Xiguerna-1 field is located about 50 km northwest of Basra in Iraq and is close to the northern part of the Rumaila oil field where CNPC is involved. Some media have reported that the Xigurna-1 oil field has an estimated reserve of 8.7 billion barrels.
ExxonMobil announced in January 2010 that the company has signed an agreement with the Iraqi Ministry of Oil to redevelop and expand the West Qurna-1 field in southern Iraq. Exxon Mobil holds 60% of the shares, the Iraqi government-owned oil exploration company (Oil Exploration Co.) holds 25%, and the Royal Dutch Shell holds 15%.

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