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US Oil Major ExxonMobil Contends in $53 Billion Project in Iraq

The Iraqi Ministry of Oil clarifies their open ended discussion with ExxonMobil and their participation in the $53 billion - 30 year project in Iraq’s southern energy infrastructure.

 The Iraqi Ministry of Oil clarifies their open ended discussion with ExxonMobil and their participation in the $53 billion - 30 year project in Iraq’s southern energy infrastructure. 
Despite recent disruptions with ExxonMobil projects in Iraq and evacuations of employees, the ministry had not ruled them out of negotiations just yet. 
Iraqi officials clarified that the ministry has finalized an agreement with BP and Italian energy firm Eni to help rehabilitate a $400 billion seabed pipeline project. This is just a portion of the larger picture of the major project with ExxonMobil.  An official stated “we can’t wait for Exxon forever. We have serious problems with our sea pipelines and urgently need to find partners to help build new ones. Further delays could harm our sea export infrastructure.” 
The project with BP and Eni will work on one of two seabed pipelines that had been shut down due to a leak in 2017, the remaining pipe has been operating at a lower capacity.  
According to officials, BP has committed to handling the projects’ finance and Eni would handle procurement, engineering and construction. 

 

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