West Qurna 1 Oil Production Project in the Republic of Iraq
ITOCHU Corporation (“ITOCHU”) has acquired 19.6% stake in the Technical Service Contract for the West Qurna 1 Oil Production Project in the Republic of Iraq through CIECO West Qurna Limited which is a subsidiary of ITOCHU. The West Qurna 1 Oil Field is located in the southern part of Iraq and is operated by ExxonMobil. The field is one of the largest oil fields in the world with expected recoverable reserves of over 20 billion barrels. In addition to ITOCHU, parties holding a stake in the field are ExxonMobil (Lead Contractor, 32.7%), PetroChina (32.7%), Pertamina (10.0%), and Oil Exploration Company (5.0%).