The American Empire in a Changing World


Friday, November 16, 2012

''Iraq official: Exxon seeks exit deal this year''

From Yahoo News

''Exxon upset Baghdad last year when it agreed to hunt for oil in Iraq's self-ruled Kurdish region.

The Kurds and the central government disagree over how to develop Iraq's vast oil reserves. Baghdad wants to manage the resources nationwide, but the Kurds insist the constitution allows them to sign deals on their own.

That disagreement continued to play out Friday, with Abdullah saying that Iraq has warned Russia's Gazprom that it must decide whether to keep its own deals with the Kurds or give up rights to develop the 100 million barrel Badra field in central Iraq.

Gazprom agreed to develop two oil deals in the northern Kurdish region in August.

Iraq needs foreign investment to develop its natural resources after decades of war, U.N. sanctions and neglect.''

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