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Energy

Iraq Shoots Down Chevron

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By Paul Ausick Published

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The government of Iraq has barred Chevron Corp. (NYSE: CVX) from bidding on lease contracts in central and southern Iraq, following the company’s deal with India’s Reliance Industries last week in which the U.S. supermajor acquired stakes in two oil exploration blocks in Kurdistan. Exxon Mobil Corp. (NYSE: XOM) was similarly banned from participating in a lease auction held in May.

Iraq’s central government is looking for the semiautonomous Kurdistan Regional Government to accept the central government’s claim to supremacy over the country’s oil reserves. By denying bidding rights to companies that have signed contracts with Kurdistan, the central government believes it can recover control over the country’s resources.

Chevron and Occidental Petroleum Corp. (NYSE: OXY) were among the companies allowed to bid in the May auction, along with BP plc (NYSE: BP), Total SA (NYSE: TOT) and Eni SpA (NYSE: E).

Shares of Chevron are down 0.4% at $107.50, in a 52-week range of $86.68 to $112.28.

Paul Ausick

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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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