ExxonMobil signs new oil deal marking return to Iraq

BAGHDAD — Prime Minister Mohammed Shia al-Sudani on Wednesday oversaw the signing of a Heads of Agreement between the Ministry of Oil and ExxonMobil, marking the U.S. company’s return to Iraq after withdrawing from earlier projects.

Al-Sudani described the agreement as “an important step for the future of Iraq’s oil sector and for developing economic relations with the United States,” adding that “the doors are open to all major international companies to contribute to the development of the oil sector.”

The signing took place during a meeting with ExxonMobil Vice President Peter Larden and his delegation, attended by the U.S. chargé d’affaires in Iraq. Al-Sudani said the government is eager to cooperate with major oil firms, particularly American ones, in developing key fields such as Majnoon in Basra. He reaffirmed Iraq’s commitment to attracting investment and advancing gas development projects.

The prime minister also emphasized ExxonMobil’s role in “modernizing Iraq’s oil export infrastructure, diversifying export sources, and using the latest technologies in the oil industry to advance the sector and increase production.”

Larden thanked al-Sudani for his support and congratulated him on Iraq’s National Day, praising “the progress and development witnessed across various sectors in the country.”

ExxonMobil’s renewed presence marks a major reentry into Iraq’s energy landscape after the company exited the West Qurna-1 field in early 2024. The firm was among the first Western oil companies to reenter Iraq in 2010 as the country began rebuilding its energy industry following years of conflict.

Majnoon, one of Iraq’s largest oil fields, continues to attract leading international energy companies seeking long-term partnerships in the south.