With supermajors from the US and Europe in retreat around the world, national oil champions are set to fill the void.
WHEN Exxon Mobil Corp decided to get out of a big oil field in Iraq, the government took on the unusual role of salesman. Iraqi officials pitched West Qurna-1 to likely buyers from among Exxon’s supermajor peers, including arch-rival Chevron Corp. There weren’t any takers.
That left Iraq with narrowed options: sell to one of China’s state-backed oil majors, or else buy back Exxon’s stake itself. The sale process remains unresolved but either outcome would stand as a powerful indicator of what’s become of the global oil market. With supermajors from the US and Europe in retreat around the world, national oil champions are set to fill the void.
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