Uncertainty surrounds ExxonMobil's giant Iraq contract

Political and military tensions between the US and Iran as well disagreements about the final gigantic contract between the US oil major and Iraq have delayed talks, reports Reuters.

Photo: Nabil al-Jurani

ExxonMobil's grand plans for Iraq concerning a deal worth USD 53 billion meant to boost the country's oil exports have been hit by disagreements about the final contract as well as the escalating political and military conflict between the US and Iran, reports Reuters.

Apparently, the friction resulted from how Exxon proposed to redeem its development costs – by gaining a share of the output from oil fields Nahr Bin Umar and Artawi – an inedible notion for Iraq's government, which holds that doing so would infringe upon state ownership of production and thus prefers paying fixed-rate contracts.

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