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Iraqi Cabinet approves Exxon Mobil-Shell oil deal

Associated Press

11.10.09, 06:35 AM EST

BAGHDAD — Iraq’s prime minister says his Cabinet has approved a deal with a consortium led by U.S.-based Exxon Mobil to develop a prized oil field in the country’s south.

The Exxon Mobil ( XOM news people )-Royal Dutch Shell ( RDSA news people ) group will develop the 8.6 billion West Qurna 1 field and received $1.90 per barrel produced. It plans to boost production from 280,000 barrels per day to 2.325 million barrels within seven years.

The Oil Ministry is expected to finalize the 20-year service deal soon.

Prime Minister Nouri al-Maliki also said Tuesday that his government is still discussing a second deal with a consortium led by Italy’s Eni to develop the 4.1 billion barrel Zubair field.

Copyright 2009 Associated Press. All rights reserved.

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