ExxonMobil returns to Iraq with a major oil agreement, marking a significant shift in the country’s energy sector. The deal, signed with Iraq’s Ministry of Oil, aims to expand cooperation in field development, export infrastructure, and advanced energy technology. ExxonMobil returns to Iraq almost two years after its departure, reflecting renewed confidence in the nation’s oil industry.
The signing ceremony took place in Baghdad and brought together top officials from Iraq’s Ministry of Oil and ExxonMobil. Oil Minister Hayan Abdul Ghani, ExxonMobil Senior Vice President Peter Larden, and U.S. diplomat Joshua Harris attended the event. The presence of these leaders highlighted the international importance of this agreement.
ExxonMobil’s return to Iraq coincides with the government’s strategic push to modernize its energy infrastructure. The Prime Minister emphasized the need to collaborate with major international firms. He explained that the agreement will enhance gas utilization, meet rising domestic energy demand, and strengthen export systems.
The new partnership opens opportunities for development in Iraq’s southern oil fields, including Majnoon in Basra. These projects will also introduce advanced operating techniques and diversify export routes. Analysts suggest that this cooperation could attract further investment into Iraq’s oil sector.
Previously, ExxonMobil operated the West Qurna-1 field but exited in early 2024. PetroChina then assumed the role of principal operator. Now, ExxonMobil returns to Iraq, signaling international interest in the country’s upstream oil sector. Industry experts see this move as a vote of confidence in Iraq’s long-term energy potential.
Moreover, the agreement promises technological upgrades and workforce development. ExxonMobil plans to implement modern systems for drilling, production, and safety. Iraqi officials welcomed these improvements, noting that they will help secure sustainable energy growth.
This development comes at a critical time when Iraq seeks to balance domestic energy needs with export ambitions. By re-engaging major companies like ExxonMobil, Iraq demonstrates its commitment to global partnerships and economic growth. Observers note that ExxonMobil returns to Iraq not only as an investor but also as a strategic partner shaping the country’s energy future.
ExxonMobil returns to Iraq with clear goals: modernize operations, expand production, and strengthen energy infrastructure. This agreement represents a new chapter in Iraq’s oil industry, promising growth and innovation for years to come.
