An expert explains the reasons for ExxonMobil's withdrawal from the region's oil sector

[yota691]

An expert explains the reasons for ExxonMobil's withdrawal from the region's oil sector

2022.04.30 - 15:02

 

Baghdad - people  

Oil expert Yadkar Siddiq attributed, on Saturday, the withdrawal of the American company "Exxon Mobil" from oil investments in the Kurdistan region, to the lack of economic feasibility of the fields in which the company operates, indicating that the withdrawal had been planned for a long time.  

  

 

Siddiq, the supervisor of the "Runpin" organization specialized in the energy sector in the Kurdistan region, said in statements to "Nass" (April 30, 2022), that "the news circulated and published in the Western media since yesterday, regarding the company's withdrawal from the Kurdistan fields, is not new, because The company decided to do so some time ago for reasons related to the lack of profits and the low economic viability of these fields for a company such as ExxonMobil.”  

  

He added, "The company reached conclusions that the profits of the region's oil fields are not at the level of its ambitions, and that the company plans to exit the Iraqi energy sector in general, especially in the Qurna fields, and that the company's work in the Kurdistan region did not reach the level of production and ended after exploration."  

  

The oil expert added, "The remaining companies in the Kurdistan region are medium-sized, and they continue to work with other major companies such as Chevron and Russia's Gazprom."  

[yota691]

The withdrawal of oil companies from the Kurdistan region raises the alarm in its oil sector - urgent

 

864 Economie 04/30/2022 11:48 Baghdad today _ Baghdad Today, Saturday, an informed source said that the American company ExxonMobil, which is specialized in the oil field, has permanently withdrawn from working in the oil fields in the Kurdistan Region. The source told (Baghdad Today), "This company worked in three oil exploration blocks in the region, which are (Beitwata, Arbat and Qara Hanjir) within the borders of Sulaymaniyah Governorate, where it suddenly withdrew from it in 2016." He added, "This company also withdrew in 2017, from the (Alqosh) field, and then withdrew in 2021 additionally from the (Permam) field."

[HowieC]

EXXONMOBIL STOPS ITS WORK IN THE REGION AND LEAVES

Saturday, 30 April 2022 11:35 AM

Follow-up / National News Center

The giant American oil and gas company, ExxonMobil, suspended its operations in Kurdistan and left the region as a result of pressures exerted by the Iraqi government and the US State Department.

ExxonMobil is the world's largest international trading organization in the field of oil and natural gas. It has an industry-leading stock of oil and gas resources worldwide. It is also the largest refining and marketing company for petroleum products in the world, and its chemical company occupies a position among the largest international companies.

 

NNCIRAQ.COM

اكسون موبيل توقف اعمالها في الاقليم وتغادر

 

 

 

 

 

[HowieC]

I believe it may be Sh-t or get Off the Pot Time!

[Spartakus]

I wonder why they left, this move can't be good.

[rvmydinar]

The solution is do something with your currency and the ExxonMobil definitely will be back.

[horsesoldier]

This is a real black eye... don't know if the criminal politicians even care. They'll plug in some other outfit at a reduced price...more $$$$$ at less cost.

 

E.Mobil might have gotten stiffed on payments & said we're outta here.

That's happened in the past-Chevron sited that & left.

[bkeiller]

4 hours ago, Spartakus said:

I wonder why they left, this move can't be good.

 

Malarki was double-dealing with the Kurds on oil. Could it be that Baghdad is going to 'nationalize' the Kurdish fields to bring them under their control and jurisdiction? Is this the move to get an equal share out to all citizens via the oil and gas laws, while shutting down the Kurdish power brokers?

 

Does Exxon see the writing on the wall and doesn't want to invest in the 'North' until all this Maliki-Malarki is resolved?

[WheresmyRV?]

I wonder how many other companies will pick up and leave.  This does not bode well for our investment.