06:39 AM EDT, 10/08/2025 (MT Newswires) -- Exxon Mobil ( XOM ) is considering re-entering Iraq after a two-year break through a heads-of-agreement with Basra Oil Co. and SOMO for the Majnoon oil field, multiple news outlets reported Tuesday, citing Iraqi officials and another source familiar with the matter.

The deal will include upgrades to oil-export infrastructure in the south of Iraq and a profit-sharing arrangement for both crude and refined oil products, Reuters reported, citing four Iraqi officials with knowledge of the matter.

The arrangement could be signed in the coming days and would open negotiations on export infrastructure and oil marketing projects in southern Iraq, the news outlets reported.

Exxon Mobil ( XOM ), Basra Oil Co., and SOMO did not immediately respond to MT Newswires' request for comment.