Baghdad (NINA) — Oil Minister Bassem Mohammed Khudair Al-Abadi on Wednesday witnessed the signing of a memorandum of understanding (MoU) between Basra Oil Company and U.S. energy giant ExxonMobil concerning the second phase of a project to utilize and invest in seawater resources.

According to a statement issued by the Ministry of Oil, the agreement aims to advance the second phase of the seawater utilization project, which is designed to support oil fields and maintain reservoir pressure, with a capacity of up to 2.5 million barrels per day.

The minister noted that the project would complement a separate seawater development project being implemented by French energy company TotalEnergies, with a planned capacity of 5 million barrels per day.

Al-Abadi said the initiative forms part of the government’s and the Ministry of Oil’s strategy to attract international energy companies, develop Iraq’s oil industry, sustain production operations, and increase output. He added that the agreement reflects the availability of an attractive investment environment for promising projects in the country.

The minister also noted that the ministry has signed memoranda of understanding with several U.S. companies, including Chevron and ExxonMobil, to benefit from advanced technologies and expertise.

He added that implementing such projects would help create employment opportunities for Iraqi workers and support the development of service-related projects./ End



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