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Exxon Mobil’s (XOM) potential exit from Iraq's huge West Qurna-1 oilfield looks less...

Exxon Mobil’s (XOM) potential exit from Iraq's huge West Qurna-1 oilfield looks less certain after it agrees to raise its investment there this year to $1.65B from $1.6B in 2012. An Iraqi official says a new budget shows XOM's commitment to developing the southern field in 2013, which it had offered to sell out after angering the government by signing deals with the autonomous Kurdistan region.
Comments (5)
  • Anne Bonney
    , contributor
    Comments (104) | Send Message
     
    Memo to Iraqi Government---be careful what you ask for. Very careful.
    25 Mar 2013, 11:53 AM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (9404) | Send Message
     
    I wonder what concessions Exxon got from the Iraqi government in return for staying....
    25 Mar 2013, 01:35 PM Reply Like
  • Veritas1010
    , contributor
    Comments (1620) | Send Message
     
    Excellent point Micheal.

     

    Hey, on another topic, HESS as part of STO? It's not Whiting, but...what do you think???
    25 Mar 2013, 01:38 PM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (9404) | Send Message
     
    As a STO shareholder, I certainly hope not! They picked up BEXP for a song, and what did the market do? Devalue the shares. I hope STO simply sticks to exploiting its large offshore discoveries and begins to reward long suffering shareholders. They have started to back out of less profitable endeavors (Iraq for instance) to fund the infrastructure needed for exploitation. Buying HES would be a step backward in my opinion and probably would put STO back in the doghouse for another few years. Besides, STO already has a very strong position in the Bakken.
    25 Mar 2013, 04:36 PM Reply Like
  • Veritas1010
    , contributor
    Comments (1620) | Send Message
     
    Thank you Michael, I agree.
    26 Mar 2013, 01:18 PM Reply Like
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