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FINANCIAL NEWS
Iraq will not terminate ExxonMobil deal: PM
11 Dec 2011
(MENAFN) Iraqi Prime Minister, Nouri Al Maliki, said that the government of Baghdad had no intentions to cancel a deal with ExxonMobil Corp to develop southern Iraq’s West Qurna-1 oil field, reported Gulf News.
Al Maliki remarks came as speculations arouse recently after the oil firm inked a deal with Iraq’s country’s semi-autonomous Kurdistan region, with whom Baghdad had a dispute over land and the sharing of oil resources.
The prime Minister added that Exxon suspended its contract with the Kurdistan Regional Government (KRG) which was announced in November, suggesting that the government of Baghdad was ready to find a solution to make the deal work.
It is worth noting that ExxonMobil produces 370,000 barrels per day at West Qurna-1 at the current time under a central government service contract.
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