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Exxon confirms exploration deals in Northern Iraq

Exploration & Production

ExxonMobil in an official document has confirmed it held negotiations last year with Iraqs Kurdistan Regional Government over exploration and production contracts.

"Exploration and production activities in the Kurdistan region of Iraq are governed by production sharing contracts negotiated with the regional government of Kurdistan in 2011," Exxon said in its 10-K filed with the Securities and Exchange Commission.

The company said the exploration term is for five years with the possibility of two-year extensions, while the production period is 20 years with the right to extend for five years.

Exxon has remained tight lipped about any exploration contacts made with the Kurdistan Regional Government (KRG) despite the KRG stating late last year that Exxon had signed deal with Kurdistan.

The move has infuriated Iraq's federal government, which considers as invalid any deals signed with the KRG.  At the beginning of February, Iraq's federal government said Exxon Mobil will be blocked from participating in the fourth licensing round in Iraq.

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