Iraq is close to signing a $53 billion, 30-year energy agreement with Exxon Mobi...
BAGHDAD - Iraq is close to signing a $53 billion, 30-year energy agreement with Exxon Mobil and PetroChina, Prime Minister Adel Abdul Mahdi said on Tuesday, denying any link between the mega-project and U.S. permission for Iraq to do business with Iran.
The southern mega-project involves the development of the Nahr Bin Umar and Artawi oilfields and raising production from the two fields to 500,000 barrels per day from around 125,000 bpd now, Abdul Mahdi said. “Talks now between the oil ministry and Exxon Mobil and PetroChina are focused on how to split profits if oil prices rise or decline,” Abdul Mahdi said in response to a Reuters question on the obstacles holding up a final agreement.
It is also one of the only countries in the world to have friendly relations with both the United States and Iran. Tehran and Washington, arch enemies elsewhere, are Baghdad’s main allies and vye for influence there.
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