Chinese Company Replaces Exxon At Major Iraqi Oil Field

PetroChina has replaced Exxon as the operator of the West Qurna 1 field in southern Iraq, holding the largest stake in the field. "We studied the settlement agreement and the oil ministry with the Basra Oil Company believe that the best option is for PetroChina to become the lead contractor of West Qurna 1," a deputy manager at Iraq’s Basra Oil Co. said, as quoted by Reuters. Exxon made public its plans to exit Iraq’s oil industry in 2020, with reports emerging last year saying it was in talks with two Chinese companies to sell the…