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Esso diesel card news: Exxon signs West Qurna 1 deal with Iraq

18 January, 10
Esso diesel card customers may welcome news that its parent company ExxonMobil has agreed a deal to develop the West Qurna 1 oil field in Iraq.

Abdul Mahdy al-Ameedi, head of the oil ministry's Petroleum Contracts and Licensing Directorate, told Dow Jones reporters that a consortium headed by Exxon had accepted a number of amendments to the deal.

Mr al-Ameedi said that the deal will be finalised on January 25th 2010.

The agreement has been awaiting ratification from the Iraqi government since it was signed last November. It is a significant deal for Exxon and its partner Shell, as the field has proven reserves of 8.7 billion barrels of oil.

While it has been announced that amendments were made to the contract, the oil ministry was not prepared to release details of those changes.

This news comes after Shell signed another deal, in partnership with Petronas, to develop the even larger Majnoon field - which has reserves of 12.8 billion barrels.

Shell holds a 20 per cent stake in the West Qurna 1 field and a 45 per cent share in the Majnoon reserve.

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Posted by Matt HaskinsADNFCR-2675-ID-19563579-ADNFCR

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Esso diesel card news: Exxon signs West Qurna 1 deal with Iraq