More than two years after ExxonMobil notified Iraq of its desire to sell its 32.7% stake in the West Qurna-1 (WQ-1) oilfield (MEES, 23 April 2021), Iraq’s government has finally approved a “settlement agreement” reached between the firm and Basrah Oil Company (BOC). Iraq’s cabinet on 3 September announced a settlement that is “final…to resolve outstanding contentious issues arising from the service contract for the West-Qurna field.”
The decision, which was recommended by Iraq’s ministerial energy council to the cabinet, instructs the ministry to “endorse” the agreement. This however comes with a caveat: “with the exception of the (tax disputes) paragraph set in article 1-14.” (CONTINUED - 879 WORDS)
