Overview
- ExxonMobil told Bloomberg it is in discussions with the Iraqi Oil Ministry as it evaluates opportunities for its portfolio.
- Iraq’s Oil Ministry says Exxon has signed a preliminary, non‑binding agreement that includes Majnoon field development, infrastructure investment, and a SOMO storage arrangement linked to a facility in Singapore.
- Reporting indicates the scope under negotiation also covers export infrastructure and potential oil marketing projects, including overseas crude storage near demand hubs in Asia, the United States, and Europe.
- Majnoon is estimated at about 38 billion barrels of reserves but currently produces roughly 200,000 to 240,000 barrels per day after years of conflict, underinvestment, and partner turnover.
- The exploratory pact comes as Exxon trims costs and follows a broader re‑engagement by Western majors in Iraq, with final commercial terms and operational details still to be determined.