New Exxon-Turkey contracts bolster Kurdish export plans
The state-owned Turkish Energy Company now has a 20 percent stake in Exxon's six KRG blocks, giving Turkey a concrete interest in ensuring that oil can be sold by pipeline.
A night view of the rig drilling ExxonMobil's Maseif-1 well at the Pirmam block in Iraq's autonomous Kurdistan region. (PATRICK OSGOOD/Iraq Oil Report)
ANKARA - This spring, as U.S. diplomats worked to broker a temporary solution to the oil disputes between Iraq's federal government and the autonomous Kurdistan region, the largest American oil company was quietly making a contrasting pitch.
ExxonMobil was in negotiations with the state-owned Turkish Energy Company (TEC), which was keen to take a stake in the super-major's six exploration contracts in Kurdistan. But the talks weren't just about the contracts, according to two people involved in the deal: first, Exxon needed to see Turkey prove its commitment to facilitate Kurdish pipeline exports.
Login to your account
Subscribe for news access
Annual News subscribers receive access to the full archive of Iraq Oil Report articles.