The Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel

SourceYahoo News
SectorOil & Gas
CountryGulf

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Rachel Adams-Heard, Laura Hurst and Kevin CrowleyJune 8, 2021, 9:01 PM·11 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

(Bloomberg) — When Exxon Mobil Corp. decided to get out of a big oil field in Iraq, the government took on the unusual role of salesman. Iraqi officials pitched West Qurna-1 to likely buyers from among Exxon’s supermajor peers, including arch-rival Chevron Corp.

There weren’t any takers.

That left Iraq with narrowed options: sell to one of China’s state-backed oil majors, or else buy back Exxon’s stake itself. The sale process remains unresolved but either outcome would stand as a powerful indicator of what’s become of the global oil market. With supermajors from the U.S. and Europe in retreat around the world, national oil champions are set to fill...read more...