by Staff Writers
San Francisco (AFP) July 19, 2012
US energy giant Chevron said Thursday it had bought two exploration blocks in Iraq's autonomous Kurdish region, despite Baghdad's protests that such deals are illegal.
"Chevron Corporation announced that its subsidiaries have completed a transaction to acquire interests in two blocks in the Kurdistan region of Iraq," it said in a statement on its website.
The firm said it would acquire 80 percent stakes in the Rovi and Sarta blocks from India's Reliance.
"The blocks are located north of Arbil and cover a combined area of approximately 490 square miles (1,124 square kilometers)," the statement said.
Chevron's announcement came as Iraqi Prime Minister Nuri al-Maliki pledged to take the "necessary steps" if American energy giant ExxonMobil implemented a controversial oil exploration deal with Kurdistan.
The central government says all oil contracts must go through Baghdad and regards any that do not as illegal. It has said in recent months that the deal has been frozen, which Kurdistan has denied.
The spat is one of several between the central government in Baghdad and Kurdish authorities in Arbil.
"We remind the company of its commitments, and the need to follow the recommendations of the government," Prime Minister Nuri al-Maliki said in a statement on his website.
If ExxonMobil did not comply with Iraq's demands that it abandon its deal in Kurdistan, "the government will take the necessary steps to enforce the law and prevent the company from implementing its contracts," the statement said.
Powering The World in the 21st Century at Energy-Daily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|