Exxon seeks a major role in Baghdad oilfields

Exxon Mobil Corp. is in the process of discussing things with Baghdad in building an investment climate that will enable the company to be an essential player in Iraq''s energy sector, according to Exxon''s chief executive. "I am looking forward that Iraq can establish the good working conditions that will help a company like Exxon to be part of its endeavours in a significant way," chief executive Rex Tillerson said in a report. Iraq is currently opening up the contract terms for a bidding round for its six giant oilfields, which in total accounts to more than a third of its reserves. The country has modified the terms for deals being offered but foreign oil firms remain cautious on taking a huge risk for little reward. Tillerson cited Qatar as an investment model that attracts international oil companies. Exxon is the largest foreign investor in the Gulf state and projects will soon be starting up the bulk of the company''s global production growth in 2009.adidas