Iraq signs seawater deal with ExxonMobil

ExxonMobil Baton Rouge Refinery facility in Baton Rouge, Louisiana, USA. Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Wednesday that the state-run Basra Oil Company (BOC) and US-based ExxonMobil signed a memorandum of understanding for the second phase of an Iraq seawater supply project. On the sidelines of a ceremony held to sign the agreement, Iraqi Oil Minister Basim Khudair said that the second phase of the seawater project is designed to support oil fields and maintain reservoir pressure. With a capacity of up to 2.5 million barrels per day, this initiative complements a separate project currently being carried out by France-based TotalEnergies, which has a capacity of five million barrels per day. The project is part of the Iraqi government’s approach to attract foreign firms to develop the country’s oil industry, ensure the sustainability of operations, and increase production rates, according to Khudair. The development highlights Iraq’s appealing investment climate for implementing promising projects. Khudair confirmed on Saturday that US firms are showing increasing interest in entering the Iraqi market and developing the country’s oil resources and petroleum industry. The oil minister clarified that the Iraqi government supports US corporations’ involvement in the Iraqi market, citing their significant expertise in the oil sector, as well as their ability to transfer knowledge to Iraqi staff. Several American companies are operating in Iraq, including oil services and consulting firms such as Halliburton, Schlumberger, Baker Hughes, and KBR, according to Khudair. He indicated that the ministry reached agreements with Chevron, ExxonMobil, and ConocoPhillips.