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Market Chatter: Exxon Mobil Gets Formal Offer From Iraq for Oilfield Stake

05/10/2021 11:03

02:56 PM EDT, 05/10/2021 (MT Newswires) -- Iraq has sent a formal letter to Exxon Mobil (XOM) seeking to buy its 32.7% stake in the West Qurna 1 oilfield in the country, Reuters reported Monday, citing state-owned Basra Oil's director Khalid Hamza.

The US energy giant was looking sell its stake for about $350 million, according to the report. The state-run Oil Exploration Company has a 5% stake in the oilfield.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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