PetroChina Company Limited (PetroChina) announced that it had acquired a 25 percent interest in the Technical Service Contract (TSC) for the West Qurna-1 (WQ1) oil field in Iraq.
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PetroChina made formal delivery for the acquisition through its wholly owned subsidiary. The stake had previously been held by a subsidiary of ExxonMobil.
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The WQ1 oil field is located about 50 km northwest of Basra, and is close to the north end of the Rumaila field, where PetroChina is currently operating in Iraq.
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According to a statement released by PetroChina, entry into the WQ1 project will be beneficial for PetroChina to work together efficiently with other projects in Iraq and can help the company develop a larger and stronger presence in upstream operations in the Middle East, as well as drive cooperation with other international oil companies in high-end oil markets.
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