Iraq May Ban Exxon From Oil Auction

Bloomberg reported that Iraq may ban Exxon Mobil Corp.(NYSE:XOM) from a new energy exploration auction in the Kurdish region.

As quoted in the market news:

Iraq’s central government has so far refused to recognize production-sharing agreements between foreign companies and Kurdistan, home to about 40 percent of Iraq’s 115 billion barrels of reserves. The central government insists on service contracts with foreign companies and that it needs to pre- approve agreements concerning the country’s energy resources.

Click here to read the full Bloomberg report.