Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Energy News .




ENERGY TECH
Exxon sells Iraq oil stake to PetroChina: ministry
by Staff Writers
Baghdad (AFP) Nov 28, 2013


American energy giant Exxon Mobil on Thursday sold part of its controversial stake in a massive Iraqi oilfield to PetroChina and Indonesia's Pertamina amid a long-running row with Baghdad.

The sale of the stake in the West Qurna-1 field in south Iraq, one of the country's largest, marks a key step towards resolving the dispute with the central government over Exxon's contracts with the autonomous Kurdish region.

"The agreement was signed for Exxon Mobil to sell part of its 60 percent stake," oil ministry spokesman Assem Jihad told AFP.

"Representatives of all the companies signed the deal today with the Iraqi government in the ministry."

PetroChina takes a 25 percent stake in the oilfield, while Pertamina will hold 10 percent, thereby reducing Exxon's share to 25 percent.

Anglo-Dutch giant Shell will retain its 15 percent stake, while the Iraqi government holds the remaining 25 percent.

Asked whether the sale resolved the dispute between Baghdad and Exxon, Jihad replied: "We do not have problems with international companies who respect their promises to the Iraqi government, and we respect all efforts towards investing in the oil industry in Iraq."

In January 2010, Iraq completed a deal with Exxon and Anglo-Dutch giant Shell to develop production at the field, which has proven reserves of 8.5 billion barrels of oil.

In October 2011, however, Exxon signed an oil exploration deal with the Kurdistan region in northern Iraq covering six areas, including two that are claimed by both Baghdad and Kurdistan.

The Kurdish deal infuriated Baghdad, which says all oil contracts must go through the central government and regards any that do not do so as illegal.

Iraq has repeatedly given an ultimatum to Exxon to either sell its stake in West Qurna-1 or give up its Kurdish deals, but has never set a deadline or outlined any potential consequences.

The American energy firm nevertheless told Baghdad a year ago that it was looking to sell its stake.

Iraq is heavily reliant on oil production for state revenues, and is looking to dramatically ramp up crude output in the coming years to fund much-needed reconstruction of its conflict-battered economy.

The Exxon dispute is one of several between Baghdad and the Kurdish region -- the central government also regards other contracts signed by the Kurds to be illegal because they were not approved by the federal ministry.

The two sides also disagree over claims to a swathe of territory stretching between Iraq's eastern and western borders, as well as the apportioning of federal oil revenues.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





ENERGY TECH
Sinopec suspends executives over China pipeline blast: Xinhua
Beijing (AFP) Nov 27, 2013
Chinese oil giant Sinopec has suspended two executives following a pipeline explosion in the coastal city of Qingdao which left more than 50 people dead, state media said Wednesday. The blast last week occurred after a pipeline, run by state-owned Sinopec, sprang a leak early Friday and exploded several hours later as workers sought to repair it. Sinopec said two executives of its subsid ... read more


ENERGY TECH
Founders of Envirofit Selected as Energy Innovators of the Year by The Economist

World's top carbon emitter China expands emissions trading

Are Canadian Energy Stocks Set for a Rebound?

Climate: Gloves off between EU, developing countries

ENERGY TECH
Iraq oil exports rise for third month: ministry

Oil prices edge higher after upbeat Chinese data

Environment group sues China oil giant for nearly $10 mn

China, India cut back Iranian crude, duck US sanctions

ENERGY TECH
Small-Wind Power Market to Reach $3 Billion by 2020

Siemens achieves major step in type certification for 6MW Offshore Wind Turbine

IKEA invests in Canadian wind project

High bat mortality from wind turbines

ENERGY TECH
UC Davis West Village: Setting The Standard

Dow Corning and Tianwei New Energy Collaborate on Leading Edge Solar Solution

City of Aurora, Xcel Energy, EPA Celebrate New Community Solar Site

PROINSO delivers 310kWp to six commercial and residential solar PV installations in Japan

ENERGY TECH
Npower layoffs reignite calls for Britain energy market reforms

Iran, Russia in talks on new Bushehr nuclear plant

World Bank says no money for nuclear power

Bomb blast near India nuclear plant kills six: police

ENERGY TECH
Microbiologists reveal unexpected properties of methane-producing microbe

Direvo completes lab scale development of low cost lactic acid production

Scripps Oceanography Researchers Engineer Breakthrough for Biofuel Production

Let's just harvest invasive species and the problem is solved

ENERGY TECH
China's "triple jump" progress in lunar probes

China pursues "zero window" launch for lunar probe

China launches first moon rover mission

China names moon rover "Yutu"

ENERGY TECH
Underestimated future climate change?

The reality behind Europe's response to climate change

Pacific region faces economic risk from climate change: ADB

Even if emissions stop, carbon dioxide could warm Earth for centuries




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