After receiving an ultimatum from Baghdad, Exxon is heading for the exits – and Iraq's top oil official says more companies may soon be forced to follow.

Exxon notifies Baghdad of intent to sell West Qurna 1

Exxon notifies Baghdad of intent to sell West Qurna 1
Rick Vierbuchen (R), president of ExxonMobil Upstream Ventures, shakes hands with Abdul Mahdi al-Ameedi, the head of the Oil Ministry's Petroleum Contracts and Licensing Directorate (PCLD), after signing an initial deal for the West Qurna 1 field on November 5, 2009. (MOHAMMED AMEEN/Reuters)

ExxonMobil has told Iraq's top oil official that the company is actively seeking to sell its stake in the super-giant West Qurna 1 oil field.In a recent meeting with Deputy Prime Minister for Energy Hussain al-Shahristani, an Exxon executive said the company "wishes to withdraw from the West Qurna field," according to Shahristani's spokesman Faisal Abdullah.Although reports have long been circulating that the American oil giant is in talks with prospective buyers – and recently sent ...

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.