On 11 January 2018, Reuters reported that Shell West Qurna BV, a subsidiary of Royal Dutch Shell plc, had sold its 20% interest in the West Qurna 1 field development to Itochu Corporation. The report has not yet been officially confirmed by the Iraqi Ministry of Oil or Shell. The West Qurna-1 field development contract was originally awarded to a consortium led by Exxon Mobil Corporation in November 2009. The agreement was finalised on 25 January 2010 after the consortium reportedly accepted amendments made by the Iraqi government. Interests in the project were later sold to PetroChina Co Ltd (32.7%) and PT Pertamina (10%). The remaining 4.6% interest is held by the Iraqi state Oil Exploration Company. The contract has a 20 year duration and is expected to raise the field production from initial levels of 244,000 b/d to a revised plateau level of 1.6 MMbo/d. Current production is estimated at approximately 400,000 b/d. Shell is also planning to sell its 45% interest in the Majnoon field development. The West Qurna phase 1 field development was originally offered in the first Iraqi licensing round for field development contracts held in June 2009. At the time, none of the bids received for the field met the government's remuneration fee requirements. Four consortia, led by Lukoil, ExxonMobil, CNPC and Total were believed to be originally competing for the West Qurna-1 field development contract. The Lukoil and ExxonMobil consortia were said to have accepted the government's remuneration fee of USD 1.9 per barrel, and CNPC and Total were expected to meet with Iraqi officials to discuss whether they would also accept the fee. ExxonMobil proposed a production increase of 2.1 MMb/d for the field whereas Lukoil initially proposed 1.5 MMb/d, however this was later revised upwards to an undisclosed target.
Itochu has agreed to acquire 20% stake in West Qurna 1 oilfield from Shell (->0%, Exxon 32,7% + op. PetroChina 32,7%, Pertamina 10%, Iraqi Oil Explo. 4,6%).