The Iraqi government has signed an agreement with ExxonMobil for the development of the Majnoon oil field, marking the return of the American company to Iraq after two years.

The agreement with ExxonMobil, currently non-binding, is part of a broader strategy by Iraq to attract international partnerships to accelerate oil and gas production. Iraq, with huge reserves, currently produces about 4 million barrels per day, but aims to reach 6 million by 2029. The agreement provides for profit sharing and modernization of export infrastructure. ExxonMobil, which had a previous presence in Iraq, joins other giants like Chevron and BP in this endeavor.