(MENAFN) The Iraqi Oil Ministry finalized a Heads of Agreement on Wednesday with U.S. energy giant ExxonMobil, marking a significant step toward advancing Iraq’s energy infrastructure.

A statement from the media office of Iraqi Prime Minister Mohammed Shia' al-Sudani outlined that the deal sets a framework for ExxonMobil to engage in pivotal oil fields, with the Majnoon field identified as the principal focus.

Al-Sudani reaffirmed his administration’s dedication to partnering with leading international oil companies to operate in vital oil sites such as Majnoon in Basra. He also emphasized the government’s drive to attract investments in energy, particularly gas development initiatives.

"Iraq's doors are open to all major international companies wishing to contribute to the development of the oil sector," he declared.

Expressing appreciation for Iraq’s commitment to expanding international cooperation, ExxonMobil’s senior vice president Peter Larden praised the advancements made across multiple sectors within the country, according to the statement.

Iraq’s economy remains heavily reliant on crude oil exports, which account for approximately 90 percent of government revenue. Situated roughly 60 kilometers from Basra, the Majnoon oilfield ranks among the world’s largest, underscoring the strategic importance of this agreement.

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