PetroChina Acquires ExxonMobil’s Partial Interests in the WQ1 TSC
PetroChina Company Limited (“PetroChina” or “the Company”, HKSE: 0857; NYSE: PTR; SSE: 601857) makes formal delivery today for the acquisition, through its wholly-owned subsidiary, of 25% interests in the Technical Service Contract (TSC) for West Qurna-1 (“WQ1”) in Iraq held by the subsidiary of ExxonMobil.
The WQ1 oilfield is located about 50km to the northwest of Basra and close to the north of Rumaila field where PetroChina is operating in Iraq.
The entry into this WQ1 project will be beneficial for PetroChina to achieve synergies with its other projects in Iraq and can help the Company to develop a larger and stronger presence in the upstream operations in the Middle East and positively drive the Company to initiate a high-level starting and all-round strategic cooperation with other international oil companies in high-end oil markets.
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