ExxonMobil Quits Iraqi Kurdistan

29 Apr 2022 Issue: 65 / 17 By: Jamie Ingram

The US supermajor’s bold 2011 Iraqi Kurdistan entry sent shockwaves through Iraq. A decade later ExxonMobil has quietly packed its bags and quit its last remaining asset, Pirmam, without producing a drop from any of the six blocks it picked up. Any prospective replacement may eye a gas-related tie-in with neighboring Bina Bawi.

ExxonMobil has quit Iraqi Kurdistan, relinquishing its sole remaining license in the region – the Pirmam gas block. The supermajor’s contentious 2011 entry was spearheaded by then-CEO Rex Tillerson in the face of opposition not only from Baghdad but also from the US Department of State. A decade after sparking political outcry, Exxon has walked away without much to show.

Attracting international majors was a cornerstone of Iraqi Kurdistan’s strategy for developing its nascent oil and gas sector a decade ago. Erbil’s success in bringing in the likes of ExxonMobil, Total, Chevron and Gazprom Neft helped provide a political shield against Baghdad’s opposition – the four firms are national champions from three of the five permanent members of the UN Security Council. (CONTINUED - 1376 WORDS)