Iraq is close to reaching a deal with oil majors BP and Eni for an export pipeli...
BASRA, Iraq/BAGHDAD - Iraq is close to reaching a deal with oil majors BP and Eni for an export pipeline project that was initially planned as part of a mega-deal with U.S. energy giant ExxonMobil, according to five senior Iraqi oil officials involved in the negotiations.
The pipeline work was meant to be part of a larger, $53 billion project that Exxon looked poised to move ahead with earlier this year, but an agreement with Baghdad was held back by contractual wrangling and security concerns, the officials said. But negotiations subsequently became protracted over contract conditions and escalating tensions between Iraq’s bigger neighbor Iran and the United States, Baghdad’s two main allies.
“We can’t wait for Exxon forever. We have serious problems with our sea pipelines and urgently need to find partners to help build new ones. Further delays could harm our sea export infrastructure,” said one of the officials, who oversees export infrastructure in the south of the country.The project that Iraq is discussing with BP and Eni involves the replacement of two old seabed pipelines, including an idled one which transports crude to the Khor al-Amaya terminal.
The negotiations are in their final stages after the parties worked out a mechanism to allow the British company to recover its financing payments.
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