The government of Iraq has barred Chevron Corp. (NYSE: CVX) from bidding on lease contracts in central and southern Iraq, following the company’s deal with India’s Reliance Industries last week in which the U.S. supermajor acquired stakes in two oil exploration blocks in Kurdistan. Exxon Mobil Corp. (NYSE: XOM) was similarly banned from participating in a lease auction held in May.
Iraq’s central government is looking for the semiautonomous Kurdistan Regional Government to accept the central government’s claim to supremacy over the country’s oil reserves. By denying bidding rights to companies that have signed contracts with Kurdistan, the central government believes it can recover control over the country’s resources.
Chevron and Occidental Petroleum Corp. (NYSE: OXY) were among the companies allowed to bid in the May auction, along with BP plc (NYSE: BP), Total SA (NYSE: TOT) and Eni SpA (NYSE: E).
Shares of Chevron are down 0.4% at $107.50, in a 52-week range of $86.68 to $112.28.
Paul Ausick
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
