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Chevron suspends Kurdistan operations as tensions escalate

Published 10/19/2017, 01:10 PM
Updated 10/19/2017, 01:10 PM
© Reuters.  Chevron suspends Kurdistan operations as tensions escalate
  • Chevron (CVX +0.2%) says it is temporarily suspending its operations in Iraqi Kurdistan amid a sharp rise in tensions after the federal government in Baghdad moved into the city of Kirkuk and recaptured nearby oilfields that the Kurds seized in 2014.
  • CVX has stopped drilling on an exploration block, WSJ reports, although the company has yet to start pumping oil since moving into Kurdistan in 2012, striking a deal with the semi-autonomous Kurdish government that angered Iraq’s central government.
  • Russia's Rosneft yesterday said it would double down on its Kurdistan commitment, promising to invest $400M in five oil blocks in the region.
  • Now read: This Will Not Be The 'Last Great Secular Oil Bull Market'


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