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Market Chatter: Exxon Close to Selling Interest in Iraqi Oilfield; Shares Slightly Higher

China National Petroleum Corp (CNPC) has emerged as the front runner to take over Iraq's West Qurna-1 oilfield from Exxon ( XOM ), according to Reuters.

XOM is giving up its stake in the giant southern oilfield after clashing with the central government in Baghdad over exploration contracts. Reuters reports that Iraqi and Chinese sources both said that CNPC is negotiating for XOM's 60% interest in the $50 billion West Qurna-1 project and that there are rival bidders.

XOM shares are up 0.3% at $88.70.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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