Chevron acquires new stake in Kurdish oil license: Oil official

1/24/2013

Chevron acquires new stake in Kurdish oil license: Oil official

BY HASSAN HAFIDH

BAGHDAD -- Chevron has expanded its presence in the Kurdish region of Iraq by acquiring a stake in a new oil exploration block, a senior official at Kurdistan's oil ministry said.

The deal builds on Chevron's two existing oil licenses in the region which were acquired in July from Indian conglomerate Reliance Industries. The presence of Chevron, and other western companies like Exxon Mobil and Total has provoked protest from Iraq's central government, which says the Kurdish authorities have no right to grant exploration licenses.

"We are pleased that Chevron has strengthened its commitment in Kurdistan by acquiring a stake in another new oil field, Qara Dagh," a senior official at Kurdistan's oil ministry told Dow Jones Newswires.

Chevron was not available for comment. The company and the Kurdish regional government have agreed on the terms of the deal but have yet to sign it, the official said.

The Iraqi central government has barred Chevron from having oil contracts in central and southern Iraq since the California-based company bought stakes in the two oil-exploration blocks.

Dow Jones Newswires

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