A worker adjusts the valve of an oil pipe at the West Qurna 1 oilfield in Basra on Nov. 28, 2010. (ATEF HASSAN/Reuters)
UPDATE: This story has been updated to include comments from Minister of Communications Arkan al-Shaibani, who said Iraq was offering $350 million to ExxonMobil for its stake in the West Qurna 1 contract, as well as comments from BOC Deputy Director General Hassan Mohammad Hassan, who confirmed that BOC, an INOC subsidiary, will be the operator of West Qurna 1 if the sale goes through.
BAGHDAD/BASRA - The Iraqi government is attempting to take over ExxonMobil's operating stake in the West Qurna 1 oil field rather than approve a sale to international investors.
In a Jan. 5 statement, the Oil Ministry said the Iraqi Cabinet had "approved the Iraqi National Oil Company's acquisition of ExxonMobil's share in West Qurna 1." Minister of Communications Arkan al-Shaibani and Basra Oil Company (BOC) Deputy Director General Hassan Mohammad Hassan subsequently clarified that BOC, which is a subsidiary of INOC, would be the field operator.
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All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.
Iraq Oil Report Commitment to IndependenceIraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.
view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.
fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.