ExxonMobil, Basra Oil Co. Pen Seawater MoU

ExxonMobil and Basra Oil Company (BOC) have signed a memorandum of understanding (MoU) covering Phase 2 of a seawater injection project for southern Iraqi oil fields. The agreement was signed on Wednesday under the auspices of Minister of Oil Basim Muhammad Khudhair al-Abadi.

The project will use seawater to support reservoir pressure maintenance, with a planned capacity of 2.5 million barrels per day (bpd). It will complement a separate seawater injection scheme being implemented by TotalEnergies with a capacity of 5 million bpd.

The minister noted that the Ministry of Oil holds MoUs with several US companies, including ExxonMobil and Chevron, to leverage modern technology in developing the oil sector. He added that such projects are expected to support local employment and the delivery of service projects.