U.S. energy giant Exxon Mobil Corp. is set to sell a 25% stake in its West Qurna-1 oil field in Iraq to PetroChina Co., according to the Iraqi government.

A statement released by Iraq's deputy prime minister for energy early Thursday said Exxon and PetroChina will sign a final deal over the stake sale later in the day. The West Qurna-1 field is located near Basra in southern Iraq . It is one of several big fields that Western oil majors agreed to help Iraq develop in 2010.

After selling the 25% stake, Exxon will retain 35% of the field, and continue as its operator. The remaining stake is owned by Royal Dutch Shell PLC and Iraq 's state-owned South Oil Co. A spokesperson for Exxon wasn't immediately available to comment early Thursday.

Earlier this year, Exxon gave Baghdad formal notice that it wanted to sell less than half of its stake in the field to PetroChina. The decision came after tension between Exxon and Baghdad over Exxon's decision in 2011 to help the semi-autonomous region of Kurdistan explore and develop its own oil wealth. Baghdad has warned Exxon to choose between its deal in the south and the one in Kurdistan , though more recently Iraq has ratcheted down the rhetoric over its Kurdistan project.

The West Qurna-1 field has the potential to produce nearly three million barrels of crude a day, by some estimates, rivaling some of the world's largest fields. Exxon and Shell are spearheading the $50 billion project, which currently produces 510,000 barrels a day.
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