Iraq Approves Sale of Exxon Oil Field Stake to State Firm

Khalid Al-Ansary and Kadhim Ajrash
Wed, January 5, 2022, 8:09 AM
Yahoo Finance

(Bloomberg) -- Iraq approved a state company’s potential purchase of Exxon Mobil Corp.’s interest in a huge oil field in the south of the country.

The cabinet on Wednesday approved a proposal for Iraq National Oil Co. to start the process of acquiring the stake, Oil Minister Ihsan Abdul Jabbar said in a statement. He didn’t say if INOC had made a formal offer to Exxon or if it had been accepted.

Exxon entered into an agreement to sell its 32.7% stake in the West Qurna-1 field to Chinese firms PetroChina Co. and CNOOC Ltd. in January last year, but failed to get the Iraqi government’s support for the deal. An Exxon spokesperson said via email that the company doesn’t comment on commercial matters.

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While West Qurna-1 is one of the world’s biggest oil deposits, with expected recoverable reserves of more than 20 billion barrels, it needs billions of dollars of investment.

Exxon was among the first Western oil explorers allowed into Iraq in 2010 as the Middle Eastern nation sought to rebuild its energy industry following the fall of Saddam Hussein and years of conflict. Before that, Iraq’s crude bounty had been mostly off limits to foreigners for around 40 years. But the company soured on West Qurna amid tough contractual terms, OPEC supply constraints and ongoing political instability.

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7 replies (most recent on top)

Given how XOM improves its books by selling assets, why don't we sell everything? Clearly it's good for everyone!

What is this war everybody's talking about?
We sell off a big piece of undeveloped 'potential' property to some suckers in Iraq.

We should be doing that everywhere - North South East and West.
That's pure profit.

@1nyj no my taxes didn't pay for it because my country didn't go to war. You forget this is a multinational company

still don't care

“Iraq Approves Sale of Exxon Oil Field Stake to State Firm”

Uh-oh, XOM will start lobbying for a third war in Iraq now. You can thank XOM and the rest of O&G for the first two. Maybe a portion of their profits should go to the families of wounded OIF veterans? Nah, that would require having a conscience.
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@waf I care. You should too, because your taxes paid for it.

Well, I suggest if you want your genes to proceed into the future - you should care.

ExxonMobil advertised, promoted and profited from multiple wars over the years, but IRAQ II certainly was one of the most wasteful and disgraceful.
Lots of patriot gold flowed into coffins on that one. And into EM's coffers.
Not to mention uninvolved individual.
And when it was 'done':
Quote: "Exxon was among the first Western oil explorers allowed into Iraq in 2010 as the Middle Eastern nation sought to rebuild its energy industry following the fall of Saddam Hussein and years of conflict."

And, now, XOM is selling off those War Winnings as they're called in Irving.
Use this money to buy back shares, they say.
It's a windfall, they say.

Who cares.

Thread regarding ExxonMobil Corp. layoffs

Iraq Approves Sale of Exxon Oil Field Stake to State Firm

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