INOC will take over ExxonMobil’s operated share in the West Qurna-1
INOC sets the stage for oil uptick
Control for Iraq’s new NOC of one of the country’s biggest oil assets may just be a first step in Baghdad’s strategy
Iraq’s Ministry of Oil announced in early January that Iraqi National Oil Co (INOC) would move to take over ExxonMobil’s operated share in the West Qurna-1 (WQ-1) oilfield. The move may offer insight into the ministry’s intensions for the recently relaunched INOC, which last year assumed the ministry’s umbrella role over seven state-owned regional and sector-specific subsidiaries and has since taken roles in projects throughout the oil and gas supply chain. Although a deal has yet to be finalised, the cabinet has signed off on INOC subsidiary Basra Oil Co (BOC) meeting the US firm’s $350mn valuation to acquire its 32.7pc stake and assume operatorship of the WQ-1 project for the eight remaini
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