When the Bush Administration invaded Iraq in the spring of 2003, allegations that the US’ core interest is Iraq’s immense oil bounty were plentiful. Whilst US-based oil services companies certainly profited greatly from Iraq opening up to international investment, upstream-focused companies failed to find themselves in the oil bonanza they were purported to be in. After less than 20 years there seems to be an almost complete exodus of US oil companies in Iraq – demotivated and eager to exploit other opportunities, they all have sought to let go of the Iraqi dream. Rumoured to be at loggerheads for quite some time already, the last of the Mohicans, i.e. ExxonMobil, is reported to be on its way out of Iraq, unable to agree on a future course that would accommodate both the interests of the US major and those of Iraqi authorities. ExxonMobil owns 32.7% of the field that […]