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January 19, 2010

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Iraq Signs Deal With Exxon Mobil

IRAQ and a group led by United States oil major Exxon Mobil will sign a final deal for the development of the 8.7-billion-barrel West Qurna Phase One oilfield next Monday, an Iraqi oil ministry official said yesterday.

The Exxon Mobil-led consortium won the right to develop the giant oilfield in negotiations last year with the ministry following the country's June oilfield auction, the first since the 2003 US invasion.

Exxon and its partners yesterday agreed to proposed contract amendments, paving the way for a final deal, said Sabah Abdul Kadhim, of Iraq's Petroleum Contracts and Licensing Directorate. The ministry also signed a final contract with Malaysia's Petronas and Japan Exploration Co (Japex) to develop the smaller Gharaf oilfield.


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