US oil company also weighing options in Iraq
ExxonMobil, one of the oldest US oil companies with 125 years in business, is eyeing Iranian market which is not open for US companies due to the current business embargo.
A company official, who doesn't want to be named, told Bahrain Tribune that his company would definitely enter Iranian oil market. ExxonMobil, which has been in the Middle East for the past decades, is keen to do business in Iran, one of the top four oil net exporters, with 2.6m barrels a day. Iran is also the fourth largest oil producer in the world with 4.2 million barrels a day.
ExxonMobil, a regular exhibitor for Middle East Oil Show (MEOS) since its inception, has been one of the major participants in this year's exhibition which concludes today. Exxon is also weighing options to reap the benefits in Iraq as ExxonMobil like other global oil giants are cautious not to make investments in a politically volatile country.
"We are very keen," the official said, "to see an open Iran following a possible amicable solution to the current standoff with the West. "We are in business and every potential country is our potential target. We look forward to working in Iran in future like many other countries."
The two companies that joined together to form the Exxon Mobil Corporation have been active participants in the Middle East for many years. Today, the merged company has a strong presence in the region as a leading producer of natural gas, petrochemicals and refined products
ExxonMobil is a major investor in Saudi Arabia, where it has four joint ventures - the Saudi Aramco Mobil Refinery Company at Yanbu, the Saudi Aramco Lubricating Oil Refining Company in Yanbu and Jeddah and the Arabian Petroleum Supply Company based in Jeddah.
"In the UAE we had net production of 116,000 barrels of oil per day in Abu Dhabi in 2005, which was associated with the highest annual gross production rate since first oil exports from the onshore concession began more than 40 years ago," the official said.
ExxonMobil has formed and leads a consortium (ExxonMobil stake 37.5 per cent) to compete for Kuwait's tendering of an operating service agreement covering four fields in the northern part of the country.
ExxonMobil and Qatar Petroleum, with other joint-venture partners, are further developing the giant north field, the largest non-associated gas field in the world.
Talking about Bahrain's bids for exploration for four fields, he said that ExxonMobil would be keen to participate in these new bids. "Bahrain has come with very attractive deals for the oil companies and we will possibly be one of the bidders."
By Mehmood Rafique Business Correspondent
© Bahrain Tribune 2007
