Now, a major U.S. corporation after winning a massive contract in 2009 in southern Iraq from Baghdad, has decided to divest itself of its investment, there, preferring to develop Kurdish oil fields. And the major foreign contender for ExxonMobil’s Qurna-I concessions is – China.
West Qurna is one of Iraq's largest oil fields, located north of Rumaila field, west of Basra, and estimated to contain 43 billion barrels of recoverable reserves, making it potentially the world’s second largest “superfield” after Saudi Arabia's giant Ghawar oil field. In November 2009, an Exxon Mobil - Shell joint venture won a $50 billion contract to develop the estimated 9 billion barrel West Qurna Phase I, with Iraq’s Oil Ministry estimating that developing the site would require an initial $25 billion investment.
It now appears that China National Petroleum Corp. may acquire West Qurna-1 oilfield from Exxon Mobil. Iraqi and Chinese sources said that CNPC unit Petrochina is currently in negotiations for Exxon's 60 percent in the West Qurna-1 project. Speaking on condition of anonymity, a senior Iraqi official knowledgeable of the discussions said, "CNPC has shown interest; they are there. And from our side, there is no problem with them taking on a bigger position. We are not sensitive about this."
China looks to be the winner of the Iraq War and America was the loser