Iraq’s oil industry gets a jolt after BP and Lukoil plan an exit strategy
Energy giants are looking for fresh pastures as Iraq environment turns ‘inappropriate’
Baghdad: Iraq's Oil Minister Ihsan Abdul said Lukoil sent him a notification to sell its stake in the West Qurna-2 field to Chinese companies, and that BP wants to pull out of the giant Rumaila field.
In a video posted on a Facebook page under his name, the minister said the investment environment in Iraq isn't encouraging enough for an oil major to want to do business there. "The existing investment environment in Iraq is inappropriate to keep the major investors," he said. "All major investors are either looking for another market or for another partner. We, as an investment environment, are inappropriate for major partners."
Jabbar, who appeared in front of a parliamentary committee last week, also said Exxon Mobil wants to sell its stake in West Qurna-1 for no more than $400 million, a price he called "very cheap". State-controlled Basra Oil Co. is considering a deal, he said.