ExxonMobil is planning a potential return to Iraq’s oil sector, focusing on the Majnoon oil field. The company aims to sign preliminary agreements with local authorities to explore new development opportunities.
The U.S. energy giant intends to finalize a heads of agreement with Basra Oil Company and Iraq’s State Oil Marketing Organization (SOMO). These agreements will cover export infrastructure and potential marketing projects in southern Iraq. ExxonMobil’s return reflects renewed confidence in Iraq’s oil investment climate and growing global energy demand.
ExxonMobil also confirmed active discussions with Iraq’s Oil Ministry to review investment opportunities across the country. The company seeks to align its global strategy with Iraq’s long-term energy development plans. Analysts note that ExxonMobil’s presence could attract additional foreign investment and strengthen Iraq’s position in international oil markets.
Previously, ExxonMobil exited the West Qurna-1 field due to contractual and political challenges. PetroChina assumed operations at West Qurna-1, ensuring continuity of production. Despite this setback, Iraq’s Majnoon field remains a major target for international oil companies due to its high production potential and strategic importance.
Majnoon, one of Iraq’s largest oil fields, has attracted global interest for years. Negotiations have previously stalled over profit-sharing agreements, delaying development. ExxonMobil now appears ready to address these challenges and work closely with Iraqi authorities to reach mutually beneficial terms.
Energy experts suggest that ExxonMobil’s return could improve operational efficiency, support technology transfer, and increase crude output. Expanding production at Majnoon would not only enhance Iraq’s revenue but also strengthen its export capabilities.
Furthermore, collaboration on marketing projects and export infrastructure will ensure that Iraq can maximize the field’s potential. The agreements could pave the way for long-term partnerships and more stable energy supplies for regional and global markets.
ExxonMobil’s renewed focus on Majnoon signals optimism for Iraq’s oil sector. By leveraging technical expertise and experience in large-scale projects, the company aims to contribute to Iraq’s energy growth while securing its strategic global interests.