Exxon cuts Kurdistan portfolio by half

ExxonMobil CEO Rex Tillerson (second from left) meets with KRG President Massud Barzani (fourth from right) and other senior Kurdish officials in Davos, Switzerland, on Jan. 23, 2013. (Photo credit: Kurdistan Regional Government)
The American super-major, whose 2011 contracts with Kurdistan spurred an investment bonanza, has relinquished the Qara Hanjeer, Arbat East, and Betwata blocks.
  • SOMO Director General Falah Alamri at the SOMO headquarters in Baghdad on Oct. 24, 2016. BEN LANDO/Iraq Oil Report

    Q&A: Falah Alamri, director general of SOMO

    Iraq's top oil salesman discusses the future of Basra Heavy, the choices necessary to implement the OPEC quota deal, and making more money on Kirkuk oil sales.

  • Iraqi Oil Minister Jabbar Ali al-Luiebi (center), SOMO Director General Falah Alamri (left) and Iraq's national representative to OPEC, Ali Nazar al-Shatari (right), at the Nov. 30 OPEC meeting in Vienna. (Source: OPEC Media Office)

    Q&A: Iraqi Oil Minister Jabbar al-Luiebi

    Undeterred by an impending OPEC production cut, Luiebi turns his attention toward modernizing the gas sector and building long-neglected infrastructure.

  • A Peshmerga Mine-Resistant Ambush Protected vehicle pushes forward towards Bashiqa, 12 kilometers northeast of Mosul, as soldiers try to clear an IS-used car off the main road on Nov. 7, 2016. (PATRICK OSGOOD/Iraq Oil Report)
    Special Report

    Inside Mosul: Dec. 6, 2016

    Detailed updates from Islamic State militant-held areas of Ninewa province, gathered via Iraq Oil Report's network of reporters and contacts.

  • Q&A: NOC chief Farid al-Jadir

    North Oil Company Director General Farid al-Jadir (right) during an Oct. 23 briefing at the Oil Ministry with energy reporters. BEN LANDO/Iraq Oil Report

    To raise output from its fields, the state-run North Oil Company needs to contend with a trifecta of security, financial, and political crises.

  • Q&A: Deputy Finance Minister Fadhil Nabee Othman

    Deputy Finance Minister Fadhil Nabee Othman (middle right) and Iraqi Central Bank Governor Ali al-Alaq (middle left). (Source: Iraqi Finance Ministry)

    To get billions in international loans, Iraq needs to finesse a tricky financial challenge - cutting spending while also funding its military, government payroll, and oil investment.

Politics

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Iraq faces tough cuts after OPEC deal

Iraq's delegation to the Nov. 30 OPEC meeting, led by Oil Minister Jabbar Ali al-Luiebi (center) and SOMO Director General Falah Alamri (third from left). (Source: OPEC Media Office)

For the first time in decades, Baghdad is confronting the fiscally and politically fraught challenge of deciding how to cut oil production, following Wednesday's OPEC agreement.