Iraqi Prime Minister Shia al-Sudani's office announced the oil ministry had signed the heads of agreement (HoA) on the project in the country's south.
Sudani, who attended the signing ceremony, said the agreement "represents an important step for the future of Iraq's oil sector and for strengthening economic relations with the United States".
He added, according to his office, that his government was keen to work "with major oil companies, particularly American ones, to operate in key oil fields such as the Majnoon Field in Basra" in southern Iraq.
The statement did not specify the details of the agreement.
A source in the oil ministry told AFP the HoA was aimed at helping to develop the giant Majnoon oil field, but reaching a final deal could take time.
A state-run company took over the Majnoon oil field in 2017 following the pullout of Anglo-Dutch giant Shell.
ExxonMobil exited Iraq in 2024, after leaving the massive West Qurna 1 oil field over poor returns. The field was subsequently taken over by a Chinese company.
Sudani stressed ExxonMobil's key role in "modernising Iraq's oil export infrastructure, diversifying export routes, and adopting advanced technologies in oil production to boost output".
Iraq's State Oil Marketing Organisation is also in talks with Exxon to obtain storage capacity in Singapore, according to the official INA press agency.
Iraq is a founding member of the OPEC cartel, and crude oil sales make up 90 percent of the country's revenues. It currently exports 3.4 million barrels per day.
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