Economy
Iraq's talks with Exxon on southern oilfields project reach final stages

Iraq's talks with Exxon on southern oilfields project reach final stages


Iraq’s talks with U.S. oil major Exxon Mobil to develop a multi-billion-dollar project to boost output from several southern oilfields are nearing completion, its oil minister Jabar al-Luaibi said on Monday.

“Talks are in advanced final stages with Exxon to develop and finance the important south project,” Luaibi told reporters after a meeting an Exxon delegation in Baghdad.

The enhanced recovery project targets the Luhais, Nassiriya, Tuba, Nahr Bin Umar and Artawi oilfields.

Iraq, OPEC’s second-largest producer, had approached PetroChina and Exxon Mobil about investing in the project, Iraqi officials have said.