Baghdad, Oct 8 (IANS) The Iraqi Oil Ministry on Wednesday signed a Heads of Agreement with U.S. energy company ExxonMobil to develop Iraq's energy sector. 

According to a statement by the media office of Iraqi Prime Minister Mohammed Shia' al-Sudani, the agreement represents an understanding paving the way for ExxonMobil to operate in key fields, with Majnoon likely being the most prominent or primary target, Xinhua news agency reported.

Al-Sudani expressed his government's commitment to cooperating with major oil companies to operate in key oil fields, including the Majnoon field in Basra, and attracting investments in the energy sector, especially in gas development projects.

"Iraq's doors are open to all major international companies wishing to contribute to the development of the oil sector," he said.

For his part, ExxonMobil's senior vice president Peter Larden expressed gratitude for Iraq's efforts to strengthen bilateral cooperation and praised the progress across various sectors in Iraq, the statement added.

Iraq's economy depends heavily on crude oil exports, which make up roughly 90 per cent of the country's revenues. Located about 60 km from Basra in southern Iraq, Majnoon is one of the largest oilfields in the world.