ExxonMobil's $53 billion oil project in Iraq is on the verge of collapse
The joint project of oilmen ExxonMobil and the government of Iraq for $53 billion was called into question. It is reported by Reuters, citing sources in the government of Iraq. It was planned that under the agreement, ExxonMobil will receive the right to build infrastructure in Iraq and develop two oil fields in the south of the country. This would allow Iraq to increase production from 125 thousand to 500 thousand barrels per day. The project was calculated for 30 years, the Chinese PetroChina was to become a partner of the American oil producer. For Iraq, which is the second largest exporter of OPEC, increasing production represents a priority, as, in recent years, supplies have been limited in terms of sanctions and military operations. According to the Iraqi government, in 30 years the project is capable of bringing to the treasury $400 billion. Now the parties stopped the negotiations, and the whole project was on the verge of collapse. We had to sus...