Did Iraq Just Sign a Groundbreaking Energy Deal with ExxonMobil?
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Synopsis
In an exciting development for the energy sector, Iraq's Oil Ministry has signed a Heads of Agreement with ExxonMobil. This collaboration aims to unlock the potential of the Majnoon oilfield and attract further investment, marking a significant step towards strengthening Iraq's economic future.
Key Takeaways
- Iraq has signed a Heads of Agreement with ExxonMobil.
- The focus is on developing the Majnoon oilfield.
- Investment in gas development projects is a priority.
- This partnership reflects Iraq's commitment to international cooperation in the energy sector.
- The economy is heavily reliant on oil exports.
Baghdad, Oct 8 (NationPress) The Iraqi Oil Ministry has officially entered into a Heads of Agreement with the U.S. energy giant ExxonMobil to enhance Iraq's energy sector.
A statement from the media office of Iraqi Prime Minister Mohammed Shia' al-Sudani indicated that this agreement signifies a foundational understanding, setting the stage for ExxonMobil to engage in crucial areas, with the Majnoon oilfield emerging as the primary focus, as reported by Xinhua news agency.
Al-Sudani reaffirmed his government's dedication to partnering with significant oil corporations to exploit vital oil fields, including the Majnoon field located in Basra, while also seeking investments in the energy domain, particularly in gas development initiatives.
He stated, "Iraq's doors are open to all major international firms eager to aid in the advancement of the oil sector."
Additionally, Peter Larden, senior vice president of ExxonMobil, expressed appreciation for Iraq's efforts to bolster mutual cooperation and commended the progress made across diverse sectors within Iraq, as highlighted in the statement.
Iraq's economy is significantly reliant on crude oil exports, which account for approximately 90 percent of the nation's income. The Majnoon oilfield, located around 60 km from Basra in southern Iraq, is recognized as one of the world's largest oilfields.
Point of View
I believe that this agreement with ExxonMobil is a pivotal moment for Iraq. It demonstrates our commitment to collaborating with international companies to enhance our energy capabilities. This partnership not only aims to boost oil production but also signals a strong invitation to further investments in our oil sector, which is vital for our economic stability.
NationPress
08/10/2025
Frequently Asked Questions
What is the significance of the agreement between Iraq and ExxonMobil?
The agreement is crucial as it paves the way for ExxonMobil to operate in major oil fields like Majnoon, which is essential for Iraq's energy development and economic growth.
How much does Iraq rely on oil exports?
Iraq's economy is heavily dependent on crude oil, with oil exports constituting roughly 90% of the country's total revenues.
Where is the Majnoon oilfield located?
The Majnoon oilfield is situated approximately 60 km from Basra in southern Iraq, and it is one of the largest oilfields globally.
What is the Iraqi government's stance on foreign investment in the energy sector?
The Iraqi government is actively encouraging foreign investment in the energy sector, with a focus on partnerships with major international oil companies.
Who expressed gratitude for the cooperation between Iraq and ExxonMobil?
ExxonMobil's senior vice president, Peter Larden, expressed gratitude for Iraq's efforts in strengthening bilateral cooperation.
