Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Iraq seals oil deal with Exxon Mobil, Shell group

Send a link to a friend

[January 25, 2010]  BAGHDAD (AP) -- Iraq has signed a final deal with U.S. and European oil giants Exxon Mobil Corp. and Royal Dutch Shell PLC to develop a major oil field in the south.

Under the 20-year deal, the consortium will develop the 8.6 billion barrel West Qurna Stage 1 field for $1.9 for every barrel produced. The deal could be extended for another five years.

The deal was signed Monday in Baghdad.

The field was among five oil and two gas fields left over from Iraq's first postwar bidding round held in June. The consortium initially asked for $4 per barrel produced, but later accepted Iraq's lower offer.

Last week, Iraq signed a deal with a consortium led by Italy's Eni SpA to develop another major oil field in the south.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Internet

Investments

< Recent articles

Back to top


 

News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor