Iraq Blocks Exxon From Energy Exploration Bids

Exxon Mobil Corp will not be allowed to take part in Iraq's fourth oil-and-gas licensing auction, scheduled for May.

The decision comes because of the deals Exxon struck with the country's semi-autonomous Kurdistan region. Iraq considers as invalid any deals signed with the Kurdistan Regional Government.

Iraq is planning to auction 12 promising exploration blocks, seven of which are believed to contain natural gas, and five thought to contain crude.

Iraq has delayed, for the third time, its energy bidding round for 12 new gas and oil exploration blocks.

The bidding will now take place on May 30-31. The process was supposed to take place in September last year and was then supposed to take place in April.