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25 March 2017 11:41 (South Africa)

Exxon Mobil strikes oil deal with Iraq

On Thursday, Exxon Mobil achieved what no US oil company has managed to do in 40 years: win a contract from Iraqi government. It was announced that Exxon will develop West Qurna 1, Iraq’s second largest field, a move that will boost its production more than eight-fold to 2.325 million barrels a day. Exxon and Shell (a 20% owner in the venture) will invest $25 billion on development and a further $25 billion on operations. Last month, the Iraqi government awarded the development rights for the Rumaila oilfield, the country’s biggest, to BP and China National Petroleum Corp. Both Rumaila and West Qurna are in Southern Iraq. Read more: BBC news

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