Yamaguchi Partners - Exxon Talking to Buyers.

Online, December 10, 2012 (Newswire.com) - Yamaguchi Partners allegedly announced to investors at a recent meeting that the Iraqi Ministry of Energy, in a news statement, said that there are more than enough potential buyers available for Exxon's sale of its West Qurna 1 oilfield in Iraq. Uncertainty regarding who could take over the project have raised doubts about Iraq's ability to reach its target of increasing output to between five and six million barrels per day in 2015 from the 3.4 million barrels produced now.

Exxon Mobil has signed up to a number of oil projects in the Kurdistan region of Iraq, which enjoys autonomy from the central government, but which the government deems illegal. These projects are seen as being more profitable than the $50 billion West Qurna 1 project in southern Iraq, about which Exxon have informed the Iraqi government of their intention to sell.

Apparently Yamaguchi Partners believe that there are a number of technically capable buyers, with the necessary financial resources, that have shown an interest in taking over the project. A spokesperson for The Ministry of Energy said in a recent public announcement that they expect a decision to be made in the near future, with the transfer of assets taking maybe an additional month to six weeks.

Yamaguchi Partners reportedly indicated that some oil industry sources within Iraq have hinted that the government is keen to replace the United States based Exxon with companies from either China or Russia. However, it is unclear which of these companies would have the financial resources to take over the project.