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FINANCIAL NEWS
Iraq’s Kurdistan signs deal with Exxon Mobil
12 Nov 2011
(MENAFN) Defying Baghdad government, Iraq’s Kurdistan signed oil and gas exploration deal with Exxon Mobil Exxon Mobil, Reuters reported
Kurdistan Regional Government (KRG) adviser Michael Howard said that the semi-autonomous government were in talks with Exxon Mobil over the las t few months, which resulted in the signing of contracts to explore in six blocks.
Abdul-Mahdy Al-Ameedi, director of the Iraqi oil ministry’s contracts and licensing directorate, said that the central government knew that Exxon was in talks to explore in the region and had warned that any deal with KRG would be considered illegal and could result in the termination of its deal to develop the giant West Qurna field.
Baghdad’s central government and KRG have a longstanding disputes over oilfields.
Exxon, with Royal Dutch Shell, won a 20-year deal in 2009 to develop West Qurna Phase One, an 8.7-billion-barrel field in southern Iraq.
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