|
Chevron confirms Iraq's Kurdistan oil blocks purchase, sees
"promise" there |
|
Kurd Net
does not take credit for and is not responsible for the
content of news information on this page |
|
Chevron confirms Iraq's Kurdistan oil
blocks purchase, sees "promise" there
19.7.2012 |
|
|
|
|
July 19, 2012
SAN RAMON,— Chevron Corp confirmed on
Thursday its purchase of 80 percent of two blocks in
Iraq's Kurdistan, where the second-largest U.S. oil
company sees "considerable promise" despite active
diplomatic disputes over the region.
Chevron, confirming a Reuters report from Wednesday,
will be following in the footsteps of larger rival
Exxon Mobil Corp, whose exploration agreement with
the Kurdistan Regional Government KRG is deemed
illegal by Baghdad.
The Exxon deal last November marked the first time a
major oil company dealt directly with the Kurds in
northern Iraq. While Marathon and Murphy Oil have
exploration deals there too, Exxon has the added
complication of a stake in the West Qurna oilfield
in the south.
Chevron is purchasing the Sarta and Rovi blocks from
India's Reliance Industries Ltd, where it will be
the new partner of Austria's OMV AG- holder of the
other 20 percent interest.
"Chevron believes the Kurdistan Region of Iraq holds
considerable promise and this investment aligns well
with our strategy," a Chevron spokesman said.
Chevron, which was not involved in contracts awarded
in Iraq's four licensing rounds, said it would still
monitor opportunities in both the north and south of
Iraq.
Yet Kurdistan, which has its own government, has
regularly clashed with Baghdad over both its oil
rights and its autonomy.
So securing interests in both is not clear-cut. Just
last month, Iraq asked U.S. President Barack Obama
to stop Exxon from exploring in Kurdistan, saying
that it could have dire consequences for the
country's stability.
As for the Chevron deal with Reliance, which
Britain's Sunday Times newspaper said was thought to
be worth about $200 million in a report of the
talks,www.ekurd.net
it adds a new chapter to the patchy history between
the U.S. and Indian energy giants.
Not only did Chevron buy out Reliance's partner in
U.S. shale gas, in a 2011 deal that prompted the
Indian company to cry foul, but Chevron also once
held a 5 percent stake in Reliance's world-leading
refinery complex in Jamnagar.
Copyright ©, respective
author or news agency,
Reuters
Top |
Kurd Net
does not take credit for and is not responsible for the
content of news information on this page
|
|
|
®
