By John Lee.
US energy major ExxonMobil has signed a Heads of Agreement (HOA) with Iraq's Ministry of Oil.
A statement today (Wednesday) from the Prime Minister's Office gave few details, but the agreement is thought to involve the Iraq's giant Majnoon field.
During a meeting with ExxonMobil Vice President Peter Larden and the accompanying delegation, attended by the U.S. Chargé d'Affaires in Iraq, Prime Minister Mohammed Shia' Al-Sudani described the deal as an important step for Iraq's oil sector and for strengthening economic relations with the United States.
Al-Sudani reaffirmed Iraq's openness to major global companies, particularly American firms, to invest in key oil fields such as Majnoon in Basra. He emphasised the government's commitment to attracting investment and expanding cooperation in oil and gas development.
The Prime Minister also highlighted the importance of ExxonMobil's role in upgrading Iraq's oil export infrastructure, diversifying export routes, and introducing advanced technologies to boost production and efficiency.
Mr Larden expressed appreciation for the government's efforts to deepen cooperation and congratulated Iraq on its National Day, praising the country's progress across multiple sectors.
In 2023, Iraqi authorities approved a final settlement with ExxonMobil, facilitating its exit from the West Qurna oilfield project.
(Source: PMO)
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