Iraq's talks with ExxonMobil Corp. (NYSE: XOM) to develop a multibillion-dollar project to boost output from several southern oil fields are nearing completion, oil minister Jabar al-Luaibi said Oct. 9.
"Talks are in advanced final stages with Exxon to develop and finance the important south project," Luaibi told reporters after meeting an ExxonMobil delegation in Baghdad.
The "Integrated South Project" consists of building oil pipelines, storage facilities and a seawater supply project to inject water from the Gulf into reservoirs to improve production, said Luaibi.
The enhanced recovery project covers the Luhais, Nassiriya, Tuba, Nahr Bin Umar and Artawi oil fields.
Iraq, OPEC's second-largest producer, had approached PetroChina Co. Ltd. (NYSE: PTR) and ExxonMobil about investing in the project, Iraqi officials have said.
Luaibi separately asked Turkey's state oil company TPAO on Oct. 9 to resume operations to develop the Mansuriya gas field in the eastern Diyala province. TPAO halted operations in 2014 after Islamic State overran large parts of Iraq.
Luaibi made the request at a meeting with the Turkish ambassador to Iraq, according to oil ministry spokesman Asim Jihad.
"The oil minister encourages Turkish energy companies to participate in developing Iraq's oil and gas projects," said Jihad.