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Exxon Mobil Signs Deal with Iraq to Develop Majnoon Oilfield
Exxon Mobil Signs Deal with Iraq to Develop Majnoon Oilfield
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BTCCSquare news:
Exxon Mobil (XOM) has inked a non-binding agreement with Iraq to develop the Majnoon oilfield, one of the world's largest with an estimated 38 billion barrels of reserves. The deal underscores Iraq's push to modernize its energy sector and strengthen ties with the U.S., targeting a production increase from 4 million to 6 million barrels per day by 2029.
Profit-sharing on crude and refined products, along with upgrades to southern export facilities, are key components. Exxon's return to Iraq—after exiting the West Qurna 1 project—highlights renewed confidence despite persistent challenges like bureaucracy and infrastructure gaps.
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