12/14/2012 Parliamentary oil: not entitled to ExxonMobil sale contract to another company without the approval of the Iraqi government

Confirmed its withdrawal because of political conflicts .. Parliamentary oil: not entitled to ExxonMobil sale contract to another company without the approval of the Iraqi government
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Confirmed to the Commission on oil and energy parliamentary, Friday, that held the oil ministry with ExxonMobil that prevents it from selling its contract to another company without the consent of the Iraqi government, with the withdrawal of U.S. company attributed Qurna to political conflicts between Baghdad and Erbil.

Said committee member Susan Saad said contracts and oil ministry with investment companies to prevent the recent sell them to other companies, except with the consent Iraqi side, stressing that this procedure include ExxonMobil, indicating that controls the oil ministry after the withdrawal of any companies investing in the oil fields or gaseous , includes re-bid field, where it is inviting companies that want the ministry to enter and not denouncing the company, explaining that after laying bidding on the new company would begin from where the company that preceded it.

Saad considered that the reason for the withdrawal of ExxonMobil from working in Qurna is up to the political conflicts between Baghdad and Erbil.

The Iraqi Oil Ministry confirmed, (10 November 2012), it has not received any communication from the oil company Exxon Mobil to sell its share of the West Qurna -1, confirming that they have many alternatives to develop the field of national effort.

The company revealed Russia's Lukoil (10 November 2012), it was preparing to study from ExxonMobil to buy its stake in the West Qurna -1.

The company Locke Lowell's second-largest Russian oil company, is seeking to offset the decline in production fields in Russia, where it faces competition from state-backed companies through the acquisition of foreign assets for exploration and production.

And announced diplomatic sources, in 18 of the last October, said that "Exxon" wants to withdraw from its contract to develop West Qurna -1 giant in southern Iraq because of concerns about profitability of the project, with said two American officials that "Exxon" informed Iraqi Deputy Prime Minister for Energy Hussein al-Shahristani, the U.S. State Department in its intentions.

The "denied Compass" a weekly bulletin of energy for the former Soviet Union and Eastern Europe that Iraq studying the introduction of "Lukoil", and "Gazprom Neft" two Russian instead of "Exxon," adding that the two companies two Russian two operations already in the country.

And manages the "LUKOIL" West Qurna-2 project, adjacent to the West Qurna-1, and controls 75 percent of it, after it bought a stake younger partner "Statoil" in June.
The West Qurna field, and one of the large oil fields in Iraq, and has been extracting oil from the first time during the year 1973, according to expert estimates that it also contains oil stocks at 24 billion barrels.


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