Exxon to sell major stake in Iraq field to China

Exxon Mobil (XOM.NYSE, XONA.FRA) reached an agreement with PetroChina (601857.SHA, 0857.HKG) and PT Pertamina (Persero) of Indonesia to sell its stake in Iraq’s West Qurna-1 oil project, The Wall Street Journal reported. Exxon said Thursday that PetroChina would take a 25% stake in the project and Pertamina would take a 10% stake. The West Qurna-1 field is located near Basra in southern Iraq. It is one of several big fields that Western oil companies agreed to in 2010 to help Iraq develop. After selling the stakes, Exxon will retain 25% of the field and continue as its operator.