The American Empire in a Changing World


Friday, October 19, 2012

''Exxon seeks to quit flagship Iraq oil project''

From Reuters

''Exxon Mobil wants to leave its giant oilfield project in southern Iraq, diplomatic sources said, in a move likely to aggravate the country's internal tensions and hamper Baghdad's ambitious energy expansion plans.

The desire of the world's largest publicly traded oil company to quit was due to prospects of slim profits from the estimated $50 billion West Qurna-1 project, the sources said. An exit from the project would contrast with a deal Exxon signed a year ago to explore in Iraq's autonomous northern Kurdish region, where incentives are better.''

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