ExxonMobil plans to re-enter Iraq’s energy market after a two-year break. The company shows strong interest in working again at the giant Majnoon oil field. Iraq welcomes this move as it aims to boost its oil development and strengthen partnerships with global energy firms.As well as, the Majnoon oil field continues to attract international attention because of its massive reserves and strategic location in southern Iraq.
ExxonMobil is now preparing to sign new preliminary agreements with Basra Oil Company and Iraq’s State Oil Marketing Organization, known as SOMO. These discussions will focus on building export facilities and improving oil marketing operations. By taking this step, ExxonMobil hopes to rebuild cooperation with Iraqi authorities and restore its position in the country’s oil sector.
The Majnoon oil field has always played a key role in Iraq’s energy strategy. It represents one of the most promising sources of crude production. In addition, over the years, however, several challenges slowed progress, including disagreements over profit-sharing and management rights. Now, with Iraq showing openness to foreign investment, ExxonMobil sees a new opportunity to strengthen its footprint in the region.
The U.S. company’s decision to explore Iraq again comes after it exited the West Qurna-1 project. At that time, political tensions and contractual obstacles made operations difficult.So, PetroChina later took over ExxonMobil’s responsibilities there. Today, though, conditions look more stable. Iraq’s government is seeking to attract global oil companies back through improved terms and new infrastructure plans.
Energy experts believe that ExxonMobil’s return could bring major benefits. It may boost production, improve export capacity, and create new jobs in southern Iraq.Additionally, Furthermore, it could restore confidence among other international investors. With the government’s renewed focus on partnerships, Iraq hopes to turn its energy resources into sustainable growth.
The Majnoon oil field stands at the center of this vision. Its potential remains vast, and both sides see strong economic rewards in reviving cooperation. ExxonMobil’s team continues to review its global portfolio and assess where Iraq fits into its long-term energy strategy.However, If talks progress well, Iraq could once again become one of ExxonMobil’s key destinations for investment in the Middle East.