Exxon, Shell Sign Final Deal for Iraq's West Qurna Oil Field

Jan 25th, 2010 by John Donovan.
THE WALL STREET JOURNAL
JANUARY 25, 2010

By Hassan Hafidh

Of DOW JONES NEWSWIRES

A consortium made up of Exxon Mobil Corp. (XOM) and Royal Dutch Shell PLC (RDSA) finalized a deal in Baghdad Monday to develop the West Qurna phase 1 oil field in southern Iraq, Iraqi oil officials said.

It represents the first time a U.S.-led group has been allowed into Iraq’s oil patch since the U.S.-led invasion in 2003.

Exxon and Shell won the right to develop the field following the country’s first postwar licensing auction held last year. The license to develop the field wasn’t initially awarded in the auction in June, but a deal was reached following subsequent negotiations. More>>>