* Exxon selling 25 pct to PetroChina, 10 pct to Pertamina -
Iraqi oil minister
* Deal maybe done after two to three weeks - minister
NEW DELHI Aug 23 Exxon Mobil is selling
over half of its 60 percent holding in Iraq's West Qurna-1
oilfield project to China's biggest energy firm PetroChina
and Indonesia's Pertamina, Iraq's oil
minister confirmed on Friday.
"25 percent (stake) to PetroChina and 10 percent to
Pertamina," Abdul Kareem Luaibi told Reuters on the sidelines of
a ministerial meeting here.
Company and industry sources said on Thursday that China and
Indonesia were set to join Exxon Mobil's $50 billion project to
develop the field.
U.S. oil major Exxon Mobil is the operator of the giant
oilfield and last year had offered to sell its entire stake
after a dispute with Baghdad over contracts it signed with
autonomous Kurdistan, deals which the central government rejects
It later committed to further investment at the field - now
pumping just under 500,000 barrels a day - and stepped back from
making a full exit.
Luaibi added that the deal would be done "maybe after two to
PetroChina could not immediately be reached for comment. The
company had confirmed it was in talks for a stake in West
Qurna-1 at its interim results briefing this week.
Indonesia's chief economic minister Hatta Rajasa said in
March that Pertamina was negotiating a 10 to 20 percent stake.
Industry sources say for Exxon, a final agreement is
contingent on getting better terms for its technical service
contract at West Qurna-1. Baghdad has offered to sweeten the
deal, the sources say, though there are no details.
Tough terms and slim margins on Iraq's service fee contracts
are drawbacks to investment in southern Iraq and hopes are that
the terms can be moulded closer to the Kurdish