HAL - Halliburton offers to buy Exxon's stake in Iraq's West Qurna 1 oilfield - Reuters

Iraq's government is considering a proposal from Halliburton (HAL +3.2%) to buy Exxon Mobil's (XOM +3.3%) stake in the West Qurna-1 oilfield, Reuters reports, citing a senior official at Basra Oil. However, the government's preferred option is for Basra Oil itself to buy Exxon's 32.7% stake, according to the report, which does not provide further details on the offer. Exxon is said to have soured on West Qurna in the face of tough contractual terms, OPEC supply constraints and ongoing political instability. Halliburton has long been one of Exxon's major contractors at the field. Following a November 1 Bloomberg report that Halliburton was a potential replacement for Exxon at West Qurna-1, the company sent a denial to Seeking Alpha.

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Halliburton offers to buy Exxon's stake in Iraq's West Qurna 1 oilfield - Reuters