According to economist Nabil Al-Marsoumi, ExxonMobil sold its 22.7% ownership in the West Qurna 1 field to the Basra Oil Company on Monday.
“ExxonMobil sold to Basra Oil Company its 22.7% share in the West Qurna/1 field, whose proven reserves amount to 20 billion barrels and produces about 500 thousand barrels per day, or the equivalent of 9%.” of oil production in Iraq, according to Al-Marsoumi, and Iraq will pay $350 million to the American company.
He went on to say, “However, there is a dispute between the two parties regarding the amount of taxes paid by ExxonMobil, as Iraq demands that the American company pay $120 million, while ExxonMobil agreed to pay only $12 million, and it is not yet known whether this agreement has resolved the issue.” Taxation, or will it be resolved by international arbitration?”
