Tuesday, January 26, 2010

Exxon, Shell sign deal for Iraq's W.Qurna Phase One

BAGHDAD, Jan 25 (Reuters) - U.S. oil major Exxon Mobil (XOM.N) and Royal Dutch Shell (RDSa.L) signed a final contract on Monday for the development of Iraq's 8.7-billion-barrel West Qurna Phase One oilfield.

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The partners, who will work with an Iraqi state-run oil company, won the right to develop the supergiant field in negotiations with the Oil Ministry last year following Iraq's June oilfield auction, the first since the 2003 U.S. invasion. (Reporting by Ahmed Rasheed, editing by Michael Christie and Amanda Cooper)

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