Iraq and Exxon Mobile are in the “final stages” of negotiations for a multi-billion dollar project in southern Iraq, Reuters reports.

“Talks are in advanced final stages with Exxon to develop and finance the important south project,” the Iraqi Oil minister, Jabar El Luaibi, said, according to Reuters.

The project includes additional storage facilities and oil pipelines at the Luhais, Nassiriya, Tuba, Nahr Bin Umar, and Artawi oilfields. Another component of the project, according to Reuters, is the completion of a system to use sea water to enhance production, Luaibi said.