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FINANCIAL NEWS
Chevron gets a stake in Iraqi Kurdistan oil block
26 Jan 2013
(MENAFN) US oil giant Chevron Corp has won a stake in an oilfield in Iraqi semi-autonomous Kurdistan region, a move that probably would further anger Baghdad, Reuters reported.
Chevron was banned from any oil agreements with the central government last summer, after defying Baghdad by signing contract with Kurdistan’s local government.
According to the region’s oil minister Ashti Hawrami, Chevron was awarded a stake in Qara Dagh oil block building on the company’s exploration play in the autonomous northern region.
Kurdistan has upset the central government by signing deals directly with oil majors such as Chevron and Exxon Mobil, providing lucrative production-sharing contracts and better operating conditions than in the south.
Baghdad says these contracts are not legal and it alone has the right to do oilfield deals and to control exports of the Opec member’s crude.
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