Exxon annual report confirms Kurdistan oil pact

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NEW YORK (MarketWatch) -- Exxon Mobil Corp. has formally confirmed a contract to explore for oil in Kurdistan, according to the oil major's annual report filed late Friday. Exxon said in 2011, it negotiated a production sharing contract with Kurdistan, a semi-autonomous region in northern Iraq. Exxon said its exploration term with Kurdistan is for five years with the potential for two-year extensions. Exxon also said it holds a 20-year production contact with the right to extend for five years.
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