The U.S. oil giant Exxon Mobil Corp has decided to sell its stakes in the West Qurna phase 1 oilfield in Iraq.

Exxon will sell its stakes to Chinese state-run oil giant China National Petroleum Corp [CNPC], China's official newspaper China Daily confirmed on Jan. 24.

With the acquisition of new stakes, CNPC will soon get half of Iraq's oil for China.

The paper said that CNPC would buy 60 percent of the oil stakes for $50 billion, which will become one of the largest stake purchases in recent memory.