ExxonMobil, one of the leading companies in the global energy sector, is evaluating a new landing in Iraq after a nearly two-year absence. As reported by Bloomberg, the deal under discussion would mark the end of a nearly two-year hiatus in the company’s operations in Iraq. Current talks with the Iraqi Oil Ministry include a possible agreement that would allow the company to begin exploration work in the giant Majnoon field in the south of the country.
The Majnoon field, located 60 kilometers from Basra, holds about 38 billion barrels of crude oil, making it one of the most valuable assets on the world energy map. The US company is in advanced talks with Basra Oil Company and state-owned SOMO to establish a preliminary framework for cooperation.
Logistical conditions and access to the Majnoon camp
In addition to exploration rights, Exxon is seeking to secure favorable terms in terms of infrastructure. The negotiations include logistical aspects such as the export of crude oil and the use of storage capacity in Singapore facilities, which would extend its reach outside the Middle East.
Iraqi officials have confirmed that the company is among the candidates for infrastructure projects to improve crude oil outflow capabilities from the south of the country. This return comes at a time when Iraq is looking to diversify its partnerships following the exit of other companies such as BP, Chevron and TotalEnergies.
Signs of change in Iraq’s energy policy
ExxonMobil’s possible re-incorporation in the Majnoon field Majnoon field field marks a turning point in the Baghdad government’s strategy, which is trying to attract large multinationals once again after years of contractual tensions. The reopening of channels with Western companies points to a period of greater stability and cooperation in Iraq’s energy sector. Iraq’s energy sector .
As the preliminary agreements are consolidated, Exxon is expected to regain positions in the Iraqi crude value chain, boosting its presence in the Middle East. The geopolitical and commercial implications of this deal could be significant for the global energy balance.
Source: Reuters
Photo: Shutterstock
