Iraq signs MoU with ExxonMobil for 2.5 million‑bpd seawater injection project
+2 new sources since this summary was written
Iraqi Oil Minister Basim Mohammed Khudair Al‑Abadi oversaw the signing of a memorandum of understanding between the state‑owned Basra Oil Company and ExxonMobil on 21 October 2026. The agreement covers the second phase of a seawater utilization scheme that will supply up to 2.5 million barrels of seawater per day to southern oil fields to maintain reservoir pressure and support output. The project complements a separate TotalEnergies seawater plant with a 5‑million‑barrel‑per‑day capacity. The ministry said the MoU aligns with Iraq’s strategy to attract international energy firms and boost production.
Why it matters
ExxonMobil’s involvement could add a new upstream contract in a high‑growth market, potentially increasing future oil output linked to the Iraqi sector. The MoU signals Iraq’s effort to restore pre‑war export volumes, which may improve regional oil supply dynamics.
Key facts
- 1The MoU was signed on Wednesday, 21 October 2026, under the auspices of Oil Minister Basim Mohammed Khudair Al‑Abadi. ina.iq
- 2The project will supply up to 2.5 million barrels of seawater per day to oil fields. ina.iq
- 3The seawater scheme is the second phase of a utilization project designed to maintain reservoir pressure. rudaw.net
- 4A separate seawater treatment plant operated by TotalEnergies has a capacity of 5 million barrels per day. ina.iq
- 5The ministry said the agreement supports Iraq’s strategy to attract international energy companies and increase production rates. kurdistan24.net
Summary written by AlphAI AI Desk from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.