Home Wealth  Money Exxon Reportedly Wins Deal In Kurdistan, Reaction From Baghdad Expected

Exxon Reportedly Wins Deal In Kurdistan, Reaction From Baghdad Expected

Posted: Nov. 12th, 2011  |  By Forbes

powered by Forbes

RSS Syndicated News Email a Friend Suggest an Article Share Visit Website

ExxonMobil has reportedly signed an oil and gas exploration agreement with Kurdistan.

The Financial Times is reporting that ExxonMobil (nyse: XOM - news - people ) has become the first of the major oil companies to venture into the semi-autonomous region of Iraq.

The newspaper noted the move could spur a backlash from Baghdad.

The FT said an advisor to the Kurdistan Regional Government told it that the region has been in discussions with a number of major oil companies in recent months, and has signed an agreement for Exxon to explore in six blocks.

The newspaper noted that until now, Big Oil players such as Exxon, BP (nyse: BP - news - people ) and Royal Dutch Shell (nyse: RDSA - news - people ) have shied away from making agreements with Kurdistan for fear of antagonizing Baghdad.

The Iraqi government is said to view such contracts with the Kurdistan Regional Government as illegitimate.

ExxonMobil shares are trading higher by over 1.3% on the news.

The Energy Select Sector SPDR , in which Exxon is the top holding, is trading up 1.5%.

#2 holding Schlumberger (nyse: SLB - news - people ) is trading up about 1.7%, while third-largest holding Chevron (nyse: CVX - news - people ) () trades up over 1.5%.

Market News Video produces and distributes online videos about stocks and investing.




Share on Facebook Share
See Next Article
Need to Get Away?
Top 10 Business Hotels
Who says you can’t mix business with pleasure?
Read More
More Articles from Forbes.com

advertisement
Quick Links
Autos
Boating
Real Estate
Luxury Travel
Fashion
Search Real Estate
Find Your Dream Home
Search for homes by
State, Country or Style.
Event Calendar
advertisement
Current News & Features
The Montblanc Meisterstück Is On Point
The Winning Wines of the 2015 En Primeur Campaign
Say Hello To The iPad Pro
Farm-To-Bottle: The Importance of Going Organic With Your Spirits
An Evening at One Of The Most Prestigious Private Dining Clubs In The World
Get The 411 On The Porsche 911 R
The Maserati Multi70 Trimaran Takes To The Seas
The New Aston Martin DB11 Takes On Heat
Louis Vuitton Rolls Out Their New Luggage Line
Can China be a Driving Force in the Superyacht Industry?
See the complete list
 
Featured Photo Gallery
See the complete list
THINGS WE LIKE