ExxonMobil (NYSE: XOM) landed a contract as lead in a consortium which will work on redeveloping and growing the West Qurna-1 field in southern Iraq, said the company in a press release.
Other members of the group include Oil Exploration Co., a state-owned Iraqi oil company, which will have 25 percent stake in the venture, as well as Shell, which will have a 15 percent stake in the oil production development. ExxonMobil will hold the remaining 60 percent stake in the venture.
Exxon added in their press release that they are in ongoing talks with government official from Iraq on partaking in "other opportunities to assist Iraq in developing the country's resources."
The next stage will be to find quality vendors and will recruit and help develop local workers for the deal.
ExxonMobil (NYSE: XOM)