Exxon Wants Out Of $50B Qurna Project, Iraqi Official Says

Law360, New York (November 7, 2012, 9:56 PM EST) -- An Iraqi oil official on Wednesday confirmed rumors that have been swirling for weeks that energy giant ExxonMobil Corp. is ready to sell its interest in a $50 billion project to develop West Qurna, one of Iraq’s biggest oil reserves.

Abdul-Mahdi al-Ameedi, the deputy head of the Iraq’s Petroleum Contracts and Licensing Directorate, is widely reported to have said at a Baghdad event that Exxon sent a letter alerting the Iraqi government that it has started talking to other international oil companies about taking on its...
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