EXXONMOBIL TO DEVELOP THE MAJNOON OIL FIELD IN IRAQ

ExxonMobil, the largest American energy company, has reached an agreement with Baghdad to develop and operate one of the world's richest oil fields, Majnoon, which holds approximately 38 billion barrels of reserves. Reuters reported, citing three Iraqi officials.

The agreements also include the modernization of Iraqi oil export infrastructure in the south of the country and the sharing of profits from the trade of crude oil and petroleum products. The American oil and gas giant will also sign an agreement to provide storage facilities for Iraqi oil exports to the Asian market. The contract amounts were not disclosed.

As previously reported, British company BP will invest up to $25 billion in projects to develop the Kirkuk oil and gas fields in Iraq. Under the agreed contract, initial hydrocarbon production is set at 328,000 barrels per day. Under the agreement, BP will work with Iraqi state-owned North Oil Company and North Gas Company to restore and expand production at the Baba and Awanah domes of the Kirkuk field, as well as at three neighboring fields: Jambur, Bai Hassan, and Khabbaz.

According to industry sources, the project, which is still in its early stages, will be facilitated by the resumption of supplies via the Kirkuk-Ceyhan pipeline. Iraq's largest oil pipeline, which connects the Kirkuk oil fields with Turkey, is 970 km long.