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Friday, March 13, 2009

ExxonMobil making a play for Iraq oil deal

ABU DHABI — A U.S. energy major with large holdings in Qatar is crafting a strategy to enter the oil sector in Iraq.   

ExxonMobil intends to play a major role in energy exploration and production in Iraq in 2010, Middle East Newsline reported. Executives said ExxonMobil has been competing to win contracts to develop leading oil fields for Baghdad.

"I hope Iraq creates the conditions that will allow a company like ExxonMobil to be a participant in a significant way," ExxonMobil chief executive officer Rex Tillerson said.

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"That's the dialogue we are having with them to make them understand what conditions will be necessary for us to take risk with our capital and have the opportunity to be successful over the long term."

ExxonMobil already has a major stake in Qatar's energy market. The company has been contracted to develop projects meant to double Qatari's liquefied natural gas production to 62 million tons in 2009.


Right on schedule ...

Dredd      3:13 p.m. / Saturday, March 14, 2009

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