ExxonMobil has finally broken its silence regarding its plans to explore for oil in Iraqi Kurdistan.
In the company's 10k statement filed on Friday, it says:
"During 2011, production sharing contracts were negotiated with the regional government of Kurdistan ... Exploration and production activities in the Kurdistan region of Iraq are governed by production-sharing contracts negotiated with the regional government of Kurdistan in 2011. The exploration term is for five years with the possibility of two-year extensions. The production period is 20 years with the right to extend for five years."
Despite the anger of the central government in Baghdad, Exxon is reportedly pressing ahead with initial preparations in Erbil.