NEW DELHI, Aug 23 (Reuters) – Exxon Mobil is selling stakes it controls in Iraq's West Qurna-1 oilfield to China's PetroChina and Indonesia's Pertamina, the country's oil minister confirmed on Friday.

"25 percent to Petro China and 10 percent to Pertamina," Abdul Kareem Luaibi told Reuters on the sidelines of a ministerial meeting here.

He added that the deal would be done "maybe after two to three weeks".

Exxon Mobil has a 60 percent stake currently in the giant oilfield and is the operator.

Company and industry sources said on Thursday that China and Indonesia were set to join Exxon Mobil's $50 billion project to develop the field.

http://www.rigzone.com/news/oil_gas/a/128619/Exxon_Selling_Iraqi_Oilfield_Stakes_To_PetroChina_PertaminaIraq_Minister?rss=true

'calaban48' pid='27920' dateline='<a href="tel:1377273 Wrote:

Exxon Selling Iraqi Oilfield Stakes To PetroChina, Pertamina-Iraq Minister

by  Reuters

Friday, August 23, 2013

NEW DELHI, Aug 23 (Reuters) – Exxon Mobil is selling stakes it controls in Iraq's West Qurna-1 oilfield to China's PetroChina and Indonesia's Pertamina, the country's oil minister confirmed on Friday.

"25 percent to Petro China and 10 percent to Pertamina," Abdul Kareem Luaibi told Reuters on the sidelines of a ministerial meeting here.

He added that the deal would be done "maybe after two to three weeks".

Exxon Mobil has a 60 percent stake currently in the giant oilfield and is the operator.

Company and industry sources said on Thursday that China and Indonesia were set to join Exxon Mobil's $50 billion project to develop the field.

http://www.rigzone.com/news/oil_gas/a/128619/Exxon_Selling_Iraqi_Oilfield_Stakes_To_PetroChina_PertaminaIraq_Minister?rss=true

Looks like diversification to me. I see 60 percent ownership as high