U.S., UK firms join Halliburton bid for Exxon’s stake in West Qurna 1

The American investment firm Twelve Seas and the UK's Wood Group are proposing to partner with Halliburton to buy Exxon’s interest in one of Iraq’s largest oil fields.
The first well of the West Qurna 1 Yamama reservoir is opened on May 26, 2021. (JASSIM AL-JABIRI/Iraq Oil Report)

ERBIL - An American investment firm named Twelve Seas and the UK's Wood Group are partnering with U.S. oil services giant Halliburton to bid for ExxonMobil's stake in West Qurna 1, one of Iraq's largest oil fields.

"The acquisition and future proportional development of the field will be completely funded by Twelve Seas and operationally managed by Halliburton," according to an Aug. 17 letter to Oil Minister Ihsan Ismaael, signed by Dimitri Elkin and Jonathan Morris, the CEO and CFO, respectively, of Twelve Seas.

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