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The American energy giant ExxonMobil today won the right to develop one of the world's most prized untapped oil reserves, in a $50bn deal that will entrench the company as one of the largest players in postwar Iraq.
Exxon was awarded a contract to extract oil from the West Qurna reservoir near Basra in Iraq's south during an extended tender process that has seen the Iraqi government partner foreign firms in a bid to get its reserves of oil out of the ground as cheaply and quickly as possible.
West Qurna was considered the jewel in the nine Iraqi oil and gas fields up for grabs, with verified reserves of 15bn barrels and a strong chance that exploration will reveal significantly more.
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