Iraq has signed a settlement agreement with U.S. energy giant Exxon Mobil Corp XOM.N to finalise its exit from the West Qurna 1 oilfield and allow Petrochina to become the field’s lead contractor, a senior Iraqi oil executive said on Saturday.

“We studied the settlement agreement and the oil ministry with the Basra Oil Company believe that the best option is for Petrochina to become the lead contractor of West Qurna 1,” Hassan Mohammed, deputy Basra Oil Co. manager in charge of oilfields and licensing rounds affairs, told Reuters.

Petrochina will hold the largest stake in the field after the departure of Exxon.
Source: Reuters (Reporting by Aref Mohammed; Writing by Ahmed Rasheed; Editing by Kirsten Donovan)