INOC will take over ExxonMobil’s operated share in the West Qurna-1
INOC sets the stage for oil uptick
Control for Iraq’s new NOC of one of the country’s biggest oil assets may just be a first step in Baghdad’s strategy
Iraq’s Ministry of Oil announced in early January that Iraqi National Oil Co (INOC) would move to take over ExxonMobil’s operated share in the West Qurna-1 (WQ-1) oilfield. The move may offer insight into the ministry’s intensions for the recently relaunched INOC, which last year assumed the ministry’s umbrella role over seven state-owned regional and sector-specific subsidiaries and has since taken roles in projects throughout the oil and gas supply chain. Although a deal has yet to be finalised, the cabinet has signed off on INOC subsidiary Basra Oil Co (BOC) meeting the US firm’s $350mn valuation to acquire its 32.7pc stake and assume operatorship of the WQ-1 project for the eight remaini
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
