In 2018, ITOCHU has acquired a 19.6% stake in the Technical Service Contract for the West Qurna 1 Oil Production Project through CIECO West Qurna Limited. The participating interest of PetroChina, Basra Oil Company, ITOCHU, Pertamina, Oil Exploration Company is 32.7%, 22.7%, 19.6%, 20% and 5%, respectively.
The West Qurna 1 oil field is located in the southern part of Iraq and is operated by PetroChina. The field is one of the largest oil fields in the world with expected recoverable reserves of over 20 billion barrels.
