The Iraq Oil Ministry has confirmed that Exxon Mobil Corp.’s affiliate ExxonMobil Iraq Ltd. is the majority member of a consortium which has been awarded a contract to redevelop the West Qurna-1 oil field in southern Iraq.
Exxon Mobil (NYSE: XOM) will take a lead role in the contract, while other consortium members — the Iraqi-owned Oil Exploration Co. and Royal Dutch Shell — will each take a 25 percent and 15 percent stake of interest, respectively.
Irving-based Exxon Mobil’s Iraq affiliate, meanwhile, is expected to hold a 60 percent interest as a lead contractor.
Exxon said it will continue to work with the Iraq Oil Ministry to identify other opportunities in the country.
The company said it will focus on recruiting and developing local employees in Iraq as well as qualified vendors.
I like that part about Exxon continuing to work with the Iraq Oil Ministry “to identify other opportunities in the country.” I’ve no doubt they will.