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Oil & Gas

Iraq Completes Deal with Exxon Mobil, Shell

January 25, 2010
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According to the Associated Foreign Press, Iraq''s oil ministry has completed a deal with Exxon Mobil and Shell to develop production at West Qurna-1, the country''s second biggest field. West Qurna-1 in southern Iraq has reserves of around 8.5 billion barrels, according to oil ministry figures. Exxon Mobil and Shell will receive 1.90 dollars per additional barrel extracted from West Qurna 1. The deal was initially agreed on in November. At 115 billion barrels, Iraq has the world''s third-largest proven oil reserves, behind only Saudi Arabia and Iran. Oil sales provide 85 percent of government revenues. Despite accusations that the United States led the 2003 invasion of Iraq to grab its oil wealth, Exxon Mobil was the only US major to have been awarded a contract in the two auctions last year.
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