China National Petroleum Corporation has taken over Iraq's West Qurna-1 oil field, and the international energy pattern has been readjusted. At the beginning of 2024, heavy news came from the international energy community. The US energy giant ExxonMobil officially withdrew from the West Qurna-1 oil field in southern Iraq and was taken over by China National Petroleum Corporation. This incident not only had a profound impact on Iraq's oil industry, but was also the latest example of the adjustment of the international energy pattern.
The West Qurna-1 oil field is one of the largest oil fields in the world, with estimated recoverable reserves of more than 20 billion barrels. The output of this oil field plays a decisive role in global energy supply, and this handover marks China's significant progress in its overseas energy layout.
The international energy pattern has been readjusted[Dec 12rd, 2023]