China Acquires 25% Stake in Iraqi Oil Field

T. Boone Pickens has long stated that the country with the best energy policy is the People’s Republic of China. With 1 billion more citizens than the U.S., China and its leaders recognize the importance of putting a plan in place for its citizens – and its security. Chines state-owned companies are constantly scouring the globe to secure food supplies, raw materials, and energy.

Another example of this took place in late November when it was announced that PetroChina acquired a 25 percent stake in Iraq’s West Qurna-1 oilfield from a subsidiary of Exxon Mobil Corp.

West Qurna is one of Iraq’s largest oil fields and is believed to hold 43 million barrels of recoverable reserves, making it the second largest field in the world after Saudi Arabia’s Ghawar oil field. The WQ1 oilfield is located about 50 kilometers to the northwest of Basra and close to the north of Rumaila field where PetroChina is operating in Iraq.