Exxon In Iraq Marks New Era For IOCs

One of the so-far unanswered questions regarding the scramble by so many international oil companies to secure service contracts in Iraq — Exxon Mobil in particular — is exactly why they are so interested, especially after their initial disdain. After all, the stated remuneration is a meager $1.90 per barrel in the case of West Qurna-1, which Exxon and Royal Dutch Shell will be redeveloping. The answer could be buried in a US Securities and Exchange Commission (SEC) document that sets out new rules for how and when operators can book reserves, including those associated with service contracts.

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