• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 33 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 4 hours Marine based energy generation
  • 13 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 6 mins China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 3 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 21 hours Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 1 hour Which producers will shut in first?
  • 9 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 22 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 1 day The Most Annoying Person You Have Encountered During Lockdown
  • 1 day Cpt Lauren Dowsett

Breaking News:

This Emerging Economy Bets Big On Solar

Why Civil Rights Activists Are Backing Natural Gas

Why Civil Rights Activists Are Backing Natural Gas

Top American civil rights activists…

Iraq v Kurdistan: Exxon Try to Play Both Sides of the Table

Iraq v Kurdistan: Exxon Try to Play Both Sides of the Table

Officials in Baghdad have always stated that any company that arranges oil exploration contracts with the Kurdistan Regional Government (KRG) to the North will not be allowed to work in any fields under their control.

This left most companies such as; Shell (NYSE: RDS.B), BP (NYSE: BP), Marathon Oil (NYSE: MRO), Occidental Petroleum (NYSE: OXY), Murphy Oil (NYSE: MUR), and Talisman Energy (NYSE: TLM), with a decision to make; Kurdistan or Iraq?

Pavel Molchanov, an analyst at Raymond James, has said that Exxon is in some difficulty because they did not chose, instead they have “been trying to have it both ways and that, of course, creates some sensitivity.”

Exxon Mobil (NYSE: XOM) has large new oil projects in development in Canada, Angola, and Kazakhstan, but by far the largest potential growth lies in Iraq and the West Qurna field; the oil giant plans to increase its production there to more than 2.8 million barrels a day in the near future.

Related Article: Is Iraq Slipping into Civil War?

So it was somewhat of a risky move that they made in late 2011, when they bypassed Iraqi officials to strike a deal with the KRG to explore six new oil fields in the North.

Recently Exxon realised its mistake and sent its CEO Rex Tillerson to Baghdad to talk with Prime Minister Nouri al-Malaki, in an effort to try and repair the strained relationship. They were certainly rue the day they treated with the KRG if their plans for growth in Iraq are blocked.

Only time will tell if Tillerson was able to smooth things over in Baghdad.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News