Iraq is expected to sign a $53 billion energy agreement with ExxonMobil and PetroChina, Reuters reported.

The mega-project involves developing the Nahr Bin Umar and Artawi oilfields to increase their production to 500,000 barrels per day (b/d) from the current level of around 125,000 b/d.

Moreover, the project aims to process 100 million standard cubic feet of natural gas per day (mscf/d) from the two fields. The 30-year agreement will enable Iraq to make around $400 billion.

The Iraqi Prime Minister Adel Abdul Mahdi denied any links between the mega-project and the US permission for Iraq to do business with Iran.

“The U.S. sanctions are against countries that buy Iranian oil only, and Iraq does not buy any Iranian crude. For gas, as far as I know (waivers ending) will not affect (gas imports) right now. The waiver for gas still stands,” an Iraqi official told Reuters on May 6.

The project is vital for supplying water to oilfields in the south to boost pressure and keep production steady.