Blocking Exxon Mobil from an oil and natural gas licensing round in Iraq could keep potential investors away, a deputy prime minister said. In May, Iraq is expected to put around a dozen oil and natural gas blocks up for auction in its fourth licensing round. Exxon Mobil is prohibited from taking part, however, because it has contracts with the semiautonomous Kurdistan Regional Government. Iraq has yet to pass comprehensive legislation that would regulate the energy sector. Baghdad says unilateral deals with the KRG are illegal. Rowsch Nuri Shaways, an Iraqi deputy prime minister from the Kurdistan Democratic Party, complained the decision on Exxon meant other major energy companies might not invest in Iraq. "This contradicts the general policies of economic openness, the promotion of trade and attracting foreign direct investment in order to provide better services to the people of Iraq, who have suffered for decades from closed centralized economic policies that have led to widespread poverty, destitution and deprivation," he said in a statement. He said now was the time to pass the hydrocarbon law so that political disputes in the energy sector could get resolved for the benefit of the Iraqi people. The International Energy Agency has warned political instability in post-war Iraq could spill over to the energy sector. Iraq has around 143 billion barrels of oil reserves.
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summit
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor