Occidental ... selling stake in Iraq oilfield
Occidental to sell Zubair stake to Iraq's South Oil
BASRA, November 11, 2015
Occidental Petroleum, the fourth-largest US oil producer, will sell its stake in the 4-billion-barrel Zubair oilfield to Iraq's state-run South Oil Company (SOC), Iraqi oil officials said.
"Occidental asked the ministry for permission to sell its stake in Zubair field and the ministry is in the process of approving the request. South Oil Company will acquire Occidental's stake," ministry spokesman Asim Jihad said.
Two other officials confirmed the news.
Occidental holds 29.69 per cent of the field in southern Iraq. Italy's Eni operates the field and holds 41.56 per cent, while South Korea's Kogas has 23.75 per cent and Iraq's state-run Missan Oil Company owns 5 per cent. -- Reuters
