Iraq is on the brink of striking a transformative deal with the U.S.-based oil services giant, Halliburton. The collaboration aims to quintuple the output of the Nahr Bin Omar oilfield, a crucial asset in Iraq’s oil landscape.**
The anticipated agreement, expected to be finalized shortly, would see Halliburton ramping up production from the current 50,000 barrels per day (bpd) to a robust 300,000 bpd. This development reflects Iraq’s strategic push to enhance its oil production capacity amid the evolving global energy demands. Bassem Abdul Karim, Director General of the state-owned Basra Oil Company, conveyed this progress to Reuters, highlighting the strategic importance of this endeavor.
Beyond oil, Halliburton’s involvement extends to the extraction of 300 million cubic feet of gas from Nahr Bin Omar, indicating a comprehensive approach towards maximizing the field’s potential.
Complementing this partnership, Iraq has selected the state-run China Petroleum Engineering & Construction Corporation to spearhead a $1.7 billion gas project at the same site. This initiative is projected to yield 300 million standard cubic feet of gas daily. Discussions are reportedly underway to optimize the project’s financial efficiency, according to Abdul Karim.
Further underscoring Iraq’s commitment to bolstering its oil sector, the oil ministry has signed a memorandum of understanding with British oil heavyweight BP. This partnership focuses on rehabilitating and expanding four oilfields operated by the North Oil Company in Kirkuk, as reported by the Iraq News Agency. While specifics remain under wraps, the agreement is poised to significantly boost oil and gas output in the region.
Energy analyst and expert, Dr. Ahmed Al-Helou, noted, “The collaboration with Halliburton and other international players marks a pivotal chapter in Iraq’s energy strategy. By tapping into advanced technologies and expertise, Iraq can position itself as a formidable player in the global energy market.”
According to data from the International Energy Agency, Iraq is the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC). The anticipated surge in production could enhance Iraq’s economic stature and provide a crucial buffer against market fluctuations.
