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Energy

Exxon Banned from Iraqi Energy Auction (XOM, RDS-A, CVX, OXY, TOT, BP, E)

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By Paul Ausick Published
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The government of Iraq will prohibit Exxon Mobil Corp. (NYSE: XOM) from participating in the May auction of new leases because the US company last year signed six leases for exploration in Kurdistan without the central government’s consent. The Kurdistan Regional Government claims the right to offer leases in the autonomous region, a claim hotly disputed by the central government.

The Iraqi government is auctioning 12 exploration blocks and 47 other companies have been qualified to bid in the leasing round, currently scheduled for May 30-31. Among those companies welcomed into the auction are Royal Dutch Shell plc (NYSE: RDS-A), a partner with Exxon in developing Iraq’s massive West Qurna field.

Chevron Corp. (NYSE: CVX) and Occidental Petroleum Corp. (NYSE: OXY) are the only other US-based companies included among the qualified companies. BP plc (NYSE: BP), Total SA (NYSE: TOT), and Eni SpA (NYSE: E) were also okayed. A complete list is available from Reuters.

Paul Ausick

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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