ExxonMobil Reportedly Looks to Quit Major Iraq Oil Field

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.


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  • 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.

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