Iraq is close to signing $53 billion with ExxonMobil and PetroChina

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      Iraqi Prime Minister Mehdi said on Tuesday that Iraq is about to sign a $53 billion 30-year energy deal with Exxon Mobil (XOM.N) and China National Petroleum Corporation. He denied that the matter had anything to do with the United States allowing Iraq and Iran to do business.

Mehdi said that in the 30 years since the agreement was implemented, Iraq is expected to harvest $400 billion.

He said the ultra-large project in southern Iraq involved the development of the Nahr Bin Umar and Artawi fields and increased the production of the two fields from the current 125,000 barrels per day to 500,000 barrels per day.

The project is critical to providing water to the southern oil fields to increase pressure and maintain production stability.

Earlier media reports said that the Iranian ambassador to the United Kingdom said on Monday that the United States would grant Iraq an exemption to allow it to conduct economic exchanges with Iran in exchange for Iraq’s need to sign an oil deal with the United States.


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