Exxon (XOM, $75.79) evacuates staff from Baghdad over perceived U.S-Iran conflict
Exxon Mobil has evacuated all of its foreign staff from Iraq’s West Qurna 1 oilfield located in Baghdad, following concerns of a potential threat from Iran due to its escalating tensions with the U.S. They are now being relocated to Dubai or to the main camp housing foreign oil company employees in Basra province.
Officials at the embassy have, however, confirmed that there is no such imminent threat and the company has confirmed that its operations are normal and stable as before with the oilfield running at full capacity and producing 440,000 barrels per day.
According to the company, the evacuation was a precautionary measure and hasn’t impacted production in any way as the foreign engineers were mainly stationed as advisors. Operations are primarily being overseen and managed by Iraqi engineers.
Exxon’s staff were evacuated in several phases on late Friday and also on early Saturday, and they were stationed either straight to Dubai or to the main camp housing foreign oil company employees in Basra province.
The said threat is perceived following rising tensions between Iran and Washington which anticipate a potential U.S-Iran conflict. Washington has upped economic sanctions and increased its military presence in Iran accusing the latter of threatening U.S. troops and interests by allying the Iraqi Shi’ite militias with Iran.
On the other hand, Tehran has described those steps as ‘psychological concern’ and a ‘political game’.
