Exxon’s $53bn Iraq deal “in Difficulty”

By John Lee.

ExxonMobil‘s giant oil project in southern Iraq is reportedly on hold.

According to Reuters, a combination of contractual difficulties and security concerns is delaying agreement on the $53-billion Southern Iraq Integrated Project, which includes the construction of a water treatment plant needed to boost oil production. The deal would have seen Exxon get the rights to develope the Nahr Bin Umar and Artawi oilfields.

Last month, Oil Minister Thamer al-Ghadban criticised ExxonMobil‘s decision to temporarily evacuate staff from the West Qurna oil field following an attack in the area.

More here.

(Source: Reuters)

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