NEW DELHI (Reuters) - Exxon Mobil (XOM.N) is selling stakes it controls in Iraq’s West Qurna-1 oilfield to China’s Petro China (0857.HK) and Indonesia’s Pertamina PERTM.UL, the country’s oil minister confirmed on Friday.
“25 percent to Petro China and 10 percent to Pertamina,” Abdul Kareem Luaibi told Reuters on the sidelines of a ministerial meeting here.
He added that the deal would be done “maybe after two to three weeks”.
Exxon Mobil has a 60 percent stake currently in the giant oilfield and is the operator.
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.
Reporting by Nidhi Verma and Anurag Kotoky; Writing by Jo Winterbottom; Editing by Devidutta Tripathy