Exxon eyes return to Iraq to explore Majnoon oil field, Bloomberg News reports
1. Exxon Mobil plans to re-enter Iraq, focusing on the Majnoon field. 2. Agreements are being prepared after a two-year hiatus in operations.
FAQ
Why Bullish?
Re-entering Iraq could significantly increase XOM's production and reserves. Historical activities, such as their past work in Iraq, led to increased revenues, suggesting potential profitability.
How important is it?
The article highlights strategic moves by XOM that could enhance its position in the oil market. These developments strategically align with long-term growth, making the information quite relevant to investors.
Why Long Term?
Successful exploration and development in the Majnoon field may take years, thus affecting future growth projections. Similar past re-entries into previously abandoned fields have yielded positive results over an extended timeline.