Iraq Signs MoU with ExxonMobil for 2.5 Million-Barrel Seawater Project
According to a statement from the Oil Ministry, the project is designed to supply seawater to oil fields to help maintain reservoir pressure, with a planned capacity of up to 2.5 million barrels per day.
ERBIL (Kurdistan24) – Iraqi Oil Minister Basim Mohammed oversaw the signing of a Memorandum of Understanding (MoU) between the state-owned Basra Oil Company and US energy giant ExxonMobil on Wednesday to advance the second phase of a seawater utilization project aimed at supporting oil production.
According to a statement from the Oil Ministry, the project is designed to supply seawater to oil fields to help maintain reservoir pressure, with a planned capacity of up to 2.5 million barrels per day.
The project will complement a separate seawater project being implemented by French energy company TotalEnergies, which has a capacity of five million barrels per day, the statement said.
Mohammed said the agreement aligns with the Iraqi government's and the Oil Ministry's strategy to attract international energy companies, develop the country's oil industry, sustain production, and increase output.
He added that the agreement reflects a favorable investment environment for major projects in Iraq's energy sector.
The minister also noted that the Oil Ministry maintains memorandums of understanding with several US companies, including Chevron and ExxonMobil, to benefit from advanced technologies and expertise.
According to Mohammed, implementing such projects is expected to create local employment opportunities and support the development of service-related initiatives.
Seawater injection is used in oil production to maintain pressure in underground reservoirs and help sustain the flow of crude oil. Iraq has pursued large-scale seawater supply projects to support production from its major southern oil fields, where reservoir pressure management is essential to maintaining long-term output.