Since Statoil (now Equinor) left Iraq in 2012, the narrative around the country’s upstream sector has been less about its vast reserves and more about tight fiscal terms and the departure of Western IOCs. High profile departures since then include Shell, Occidental and ExxonMobil. But in a highly symbolic development, the latter could now be making a return.
On 8 October, Iraq signed a Heads of Agreement (HoA) with ExxonMobil to explore the potential development of Basra’s Majnoon oilfield, a move that could pave the way for the US giant’s re-entry into Iraq’s upstream. (CONTINUED - 2115 WORDS)
