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Iraq and Exxon Reach Preliminary Accord on Major Oilfield Development

The agreement seeks to increase Iraq’s oil production capacity through collaboration with Exxon on a large-scale project.

Summary

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Terms & Concepts
  • Oilfield Development: The process of exploring, constructing, and managing infrastructure to extract crude oil from a specific field.
  • Production Capacity: The maximum amount of output that a facility, in this case an oilfield, can produce under normal conditions.