Basra Oil Company signs memorandum of understanding with US’s ExxonMobil
Basra Oil Company signs memorandum of understanding with US’s ExxonMobil
2026-10-22
Shafaq News – Baghdad
The Ministry of Oil announced on Wednesday evening the signing of a memorandum of understanding between the Basra Oil Company and the American company ExxonMobil regarding the second phase of the use and investment of seawater.
Oil Minister Bassem al-Abadi said on the sidelines of the signing of the memorandum, according to a statement received by Shafaq News Agency, that the second phase project to use seawater supports the fields and compensates for reservoir pressures, with a capacity of up to 2.5 million barrels per day. This project is in addition to the project implemented by the French company Total with a capacity of five million barrels per day.
He added that the project falls within the government and ministry’s strategy to attract international companies to develop the oil industry, sustain production operations and increase its rates, and this reflects the availability of an attractive environment for implementing promising investment projects.
He pointed out that the ministry has memoranda of understanding with several American companies such as Chevron, ExxonMobil and others, to benefit from modern technology, explaining that implementing such projects supports providing job opportunities for the local workforce, and implementing service projects.
shafaq.com
