American giant negotiates with Baghdad to “share profits” from Iraq’s largest oil fields
American giant negotiates with Baghdad to “share profits” from Iraq’s largest oil fields
2025-11-03 00:41
Shafaq News – Baghdad
On Monday, the American energy company ExxonMobil announced that it is negotiating with the Iraqi government on how to divide profits in the Majnoon oil field.
The company’s chief executive, Darren Woods, told Reuters that the company had signed an agreement to help Iraq develop the giant Majnoon oil field and expand oil exports, signaling the energy giant’s return to the country after two years.
Woods added: “We still have a long way to go before we can negotiate the final parameters associated with this development,” particularly regarding how Exxon will be paid.
The CEO of ExxonMobil expects to finalize the profit-sharing arrangements, which he said are in line with industry practices.
ExxonMobil signed an agreement with Iraq last Wednesday to help it develop the giant Majnoon oil field.
Iraq currently produces about four million barrels of oil per day, and aims to exceed six million barrels per day by 2029.
The Majnoon oil field is located 60 kilometers from Basra in southern Iraq, and is one of the largest oil fields in the world, with estimated reserves of about 38 billion barrels.
shafaq.com
