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Iraq punishes Exxon Mobil (XOM) for its dalliances with Kurdistan by barring the company from...

  • Monday, February 13, 2012, 6:23 AM ET
    Iraq punishes Exxon Mobil (XOM) for its dalliances with Kurdistan by barring the company from taking part in Iraq's fourth oil and gas licensing auction, which is scheduled for May. Exxon's deal with Kurdistan has jeopardized its contract to help develop production at southern West Qurna-1, Iraq's second-biggest field.
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    The way I see it, XOM probably doesn't care, the deal with Iraq only allows a per barrel fee of about $1.50 for each barrel produced. On top of that there have been reports they have had trouble getting paid. Far better for them to develop the Kurdistan region where they will be able to book the reserves and profit from production sharing contracts.
    13 Feb 2012, 08:51 AM Reply Like
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