ExxonMobil is making a strategic comeback in Iraq’s energy sector, with CEO Darren Woods announcing plans to finalize a profit-sharing agreement with the Iraqi government.

Speaking at the ADIPEC energy conference in Abu Dhabi, Woods emphasized that the arrangement would be “in line with industry norms,” though he noted, “we’ve got a long way to go in terms of discussing the ultimate structure of that development, including how ExxonMobil would be compensated.”

The announcement follows a recent agreement signed between ExxonMobil and Iraq’s Oil Ministry to help develop the vast Majnoon oilfield and boost the country’s oil export capacity. This marks the U.S. energy giant’s return to Iraq after a two-year hiatus, having exited the West Qurna-1 field in early 2024, which was subsequently taken over by PetroChina.

The new deal aims to deepen collaboration on field development, export infrastructure, and energy technology. Iraqi Prime Minister Mohammed Shia al-Sudani hailed the partnership as part of broader efforts to “cooperate with major international firms, modernize export systems, and increase gas production to meet domestic demand.”

ExxonMobil’s re-entry signals renewed foreign interest in Iraq’s oil and gas sector, a critical component of the country’s economic recovery and energy ambitions.