Energy
Exxon Signs Majnoon Oil Field Deal for Re-Entry Into Iraq
Majnoon, in the south of Iraq, is one of the country’s biggest oil fields and has long attracted the interest of world’s largest oil companies.
Photographer: Hussein Faleh/AFP/Getty Images
Exxon Mobil Corp. signed agreements that lay the groundwork for it to explore Iraq’s giant Majnoon oil field, ending the company’s near two-year hiatus in the country.
The Texas oil major has signed heads of agreements with Basra Oil Co. and SOMO, Iraq’s oil marketing company, the nation’s Prime Minister Mohammed Shia Al-Sudani said Wednesday. Goal include developing the Majoon oil field and boosting Iraq’s export infrastructure, his office said. The agreement includes a joint cooperation with SOMO to explore marketing opportunities, it said.