Analysis: ExxonMobil’s share in the West Qurna 1 oil field

Abdul Mahdy al-Ameedi, former head of contracts for the Oil Ministry, weighs in on the details of the contract for the West Qurna 1 oil field, as ExxonMobil looks to exit the project.
Analysis: ExxonMobil’s share in the West Qurna 1 oil field
Rick Vierbuchen (R), then president of ExxonMobil Upstream Ventures, shakes hands with Abdul Mahdy al-Ameedi, the director general of the Oil Ministry's Petroleum Contracts and Licensing Directorate (PCLD), after signing an initial deal for the West Qurna 1 field on Nov. 5, 2009. (MOHAMMED AMEEN/Reuters)

BAGHDAD - For more than two months, the topic of selling the U.S. company ExxonMobil's share in the Technical Service Contract for the West Qurna 1 oilfield from the First Licensing Round has been under discussion. Given the importance of the topic, I would like to clarify some provisions of this Contract.

To begin with, referring to this as a "share sale" is incorrect, since, when translated, the word mentioned in Article 28, “assignment,” means “transfer of ownership” or “forfeiture or giving up of ownership.”

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