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[size=36]Contract clauses thwart deal for ExxonMobil $ 53 billion in Iraq[/size]
Economy | 11:35 - 21/06/2019
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BAGHDAD (Reuters) -
Exxon Mobil Corp. is poised to push ahead with a $ 53 billion project to boost Iraq's oil production in its southern fields, an important step for the company's ambition to expand in the country.
But according to government officials in Iraq, a mix of debate over the contract is being played out because of Baghdad's rejection of the terms of the contract, as well as security concerns, compounded by rising tensions between neighboring Iran and the United States.
"Negotiations have been stymied by the terms of a contract opposed by Baghdad," four Iraqi officials involved in the talks told Reuters on condition of anonymity because of the sensitivity of the issue, seen by Mawazin News.
"The main point of contention was the ways that Exxon proposed to recover its development costs, with the company targeting to share oil produced from two fields, which Iraq rejects, saying it represents an infringement on state ownership of production," they said.
An Iraqi negotiator said that "Baghdad will not sign anything on the existing items proposed by Exxon."
Exxon declined to comment on the terms of the contract or negotiations, and a spokeswoman for the company in Texas, "In terms of habit, do not comment on the trade talks."
Exxon Mobil Corp. is poised to push ahead with a $ 53 billion project to boost Iraq's oil production in its southern fields, an important step for the company's ambition to expand in the country.
But according to government officials in Iraq, a mix of debate over the contract is being played out because of Baghdad's rejection of the terms of the contract, as well as security concerns, compounded by rising tensions between neighboring Iran and the United States.
"Negotiations have been stymied by the terms of a contract opposed by Baghdad," four Iraqi officials involved in the talks told Reuters on condition of anonymity because of the sensitivity of the issue, seen by Mawazin News.
"The main point of contention was the ways that Exxon proposed to recover its development costs, with the company targeting to share oil produced from two fields, which Iraq rejects, saying it represents an infringement on state ownership of production," they said.
An Iraqi negotiator said that "Baghdad will not sign anything on the existing items proposed by Exxon."
Exxon declined to comment on the terms of the contract or negotiations, and a spokeswoman for the company in Texas, "In terms of habit, do not comment on the trade talks."
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