Feb 13 2012 |
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Iraq Says Exxon Not Allowed To Bid For Its 4th Energy Round
Monday, Feb 13, 2012
DOW JONES NEWSWIRES
U.S. supergiant ExxonMobil Corp. (XOM) won't be allowed to take part in Iraq's fourth licensing auction scheduled in May because it signed deals with the semi-autonomous region in Kurdistan, a spokesman for Iraq's Deputy Prime Minster for Energy Hussein al-Shahristani, said Monday.
"The Iraqi government has decided that Exxon won't be allowed to participate in the next oil and gas bidding round," the spokesman told Dow Jones Newswires.
The Iraqi Kurdistan region inked a deal Oct. 18 with ExxonMobil for it to explore six areas, but top officials in Baghdad regard any contracts that weren't signed with the central government as invalid. And al-Shahristani has said the U.S. oil major would have to choose between its Kurdish deal and a contract to help develop production at southern West Qurna-1, the country's second-biggest field.
Iraq is planning to auction 12 exploration blocks distributed in various parts of Iraq. Seven of them are believe to contain gas with the remaining five are thought to deposit crude oil.
(END) Dow Jones Newswires
13-02-12 0848GMT
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