ExxonMobil exits Iraqi Kurdistan blocks

06 December 2016

US group leaves three of its six prospects in northern Iraq

ExxonMobil has exited three exploration blocks in Iraqi Kurdistan, according to a media report citing sources from the US-based oil major and the Kurdistan Regional Government (KRG).

Iraqi Kurdistan’s Minister of Natural Resources Ashti Hawrami told Iraq Oil Report that ExxonMobil has relinquished its interests in the Qara Hanjeer, Arbat East and Betwata blocks.

ExxonMobil still has 80-per-cent stakes in the Al Qosh, Pirmam and Bashiqa blocks in Iraqi’s Kurdish northern enclave.

In August, State-run Korea National Oil Corporation (KNOC) said it will pull out of its eight-year Sangaw South exploration block in Iraqi Kurdistan. The South Korean group pumped $130m into the exploration programme but will withdraw after deciding the block does not have the potential to make a profit.

 

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