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Exxon Selling its Kurdistan Oilfield


17 Nov 2012
Exxon Mobil has almost sold its west Qurna 1 oilfield and has talked with many potential buyers. There are plenty of candidates who are looking forward to close the deal. According to the deputy prime minister for Energy of Iraq, the main reason for selling West Qurna 1 oilfield is that, Exxon wants to give more focus in the semi autonomous northern Kurdistan. Kurdistan Regional Government will not get a single tranche from the contracted 1 trillion Iraqi dinars as they had not met the target of agreed oil export in September. Though Exxon Mobil has signed a lucrative deal in the Kurdistan but it was not approved by Iraq Government due legal purposes. The Iraq central government has clearly told to Exxon to work on any of the oil field between Kurdistan and Southern Iraq and Exxon has chosen Kurdistan for oil exporting. Shahristani said Exxon would soon find a buyer. "A decision will have to be made shortly. To transfer the assets will take some time, but it will be sooner (than the middle of next year)," he told Reuters on Tuesday. "There are sufficient numbers of interested buyers with the financial resources and the technical know-how to buy their interest," Shahristani earlier told reporters. After declaration of leave for Kurdistan project by Exxon Mobil, there is speculation going on that who will take project and when is expected oil export from oil Government. The oil contract issues have taken broader battle situation between Iraq and Bagdhad. The battle comes to an end when KRG said that he will continue oil exports Bagdhad will pay foreign companies working there. KRG has confirmed that they will pump 200000 barrels oil per day and in exchange they will 1 trillion dinar. Source: [Reuters]
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