HAL - Halliburton seen as potential Exxon replacement at Iraq's West Qurna-1

Halliburton (HAL +2.0%) has expressed interest in acquiring Exxon Mobil's (XOM +1.9%) stake in Iraq's huge West Qurna-1 oilfield from Basra Oil Co., Bloomberg reports. Halliburton has long been one of Exxon's major contractors at the field, but taking an actual ownership stake would be a rare event for a company focused on mapping, fracking and rehabilitating assets owned by other companies, Bloomberg says. Exxon was among the first Western oil explorers allowed into Iraq in 2010, but the company has soured on West Qurna in the face of tough contractual terms, OPEC supply constraints and ongoing political instability. Exxon reportedly filed an arbitration case against Basra Oil earlier this year over its stalled attempt to sell its stake in West Qurna-1.

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Halliburton seen as potential Exxon replacement at Iraq's West Qurna-1