Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



ExxonMobil Reportedly Looks to Quit Major Iraq Oil Field

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Multiple sources are reporting that oil giant ExxonMobil (NYSE: XOM  ) intends to leave its flagship oil field in Iraq.

Unnamed diplomats are named as sources for the information and Reuters reported yesterday that an unnamed U.S. official had confirmed that Exxon had told the U.S. State Department of its intent to leave the West Qurna field in southern Iraq.

ExxonMobil signed an agreement nearly three years ago with the Iraq Ministry of Oil to redevelop and expand the West Qurna-1 field. Exxon was the lead contractor with a 60% interest. Royal Dutch Shell (NYSE: RDS-A  ) and the Iraq government were the other partners.

Recently, Exxon has run up against resistance from the Iraqi government over the company's plan to engage in oil exploration in the semi-autonomous Kurdish region of northern Iraq. Some speculate it wants out of the Qurna field in order to focus on projects in the north of Iraq.

Dan Carroll has no positions in the stocks mentioned above. The Motley Fool owns shares of ExxonMobil. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (2) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On October 19, 2012, at 2:52 PM, kthor wrote:

    Iraq is 100% corrupt, go to the kurdish region!!

  • Report this Comment On October 20, 2012, at 4:17 PM, jrgyardley wrote:

    Good move! Time to redeploy valuable expertise and know-how to Kurdistan where they'll let you make a little money.

Add your comment.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2066383, ~/Articles/ArticleHandler.aspx, 10/21/2016 5:41:12 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 8 hours ago Sponsored by:
DOW 18,162.35 -40.27 -0.22%
S&P 500 2,141.34 -2.95 -0.14%
NASD 5,241.83 -4.58 -0.09%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/20/2016 4:00 PM
XOM $87.21 Up +0.04 +0.05%
ExxonMobil CAPS Rating: ****