Bloomberg News reports that Exxon is planning to return to Iraq in order to explore the Majnoon oilfield.

Bloomberg News, citing sources familiar with the situation, reported that Exxon Mobil may re-enter Iraq after nearly two years by signing agreements to lay the foundation for exploring the Majnoon oil field.

Majnoon Oil Field is located 60 km from Basra, in southern Iraq. It has an estimated 38 billion barleys of oil.

The report stated that Exxon intends to sign a heads-of-agreement with Basra Oil, Iraq's State Oil Company, and SOMO in the next few days.

In an email to Bloomberg News, the company said: "Exxon Mobil has been in talks with the Iraqi Oil Ministry. We are always looking for ways to maximize our portfolio."

Reports added that the potential deal will also include discussions about export infrastructure as well as possible oil marketing projects for southern Iraq.

Last month, Iraqi state-owned news agency INA was launched.

reported

The SOMO is in advanced discussions with Exxon about a potential agreement to secure Singapore storage capacity using tanks owned and operated by the U.S. major oil company.

Iraq has signed deals with oil companies that previously left the country. These include Chevron, France’s TotalEnergies, and UK oil giant BP.

Requests for comments from Exxon Basra, SOMO and the Iraqi Embassy at Washington D.C. were not immediately responded to.

(source: Reuters)