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