Bassem Abdul Karim, director general of state-run BOC, said Iraq’s oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, after which Iraq will provide Halliburton with data on the Nahr Bin Omar field and its installations.
Under the deal, Halliburton will help Iraq in increasing production at the field to 300,000 barrels per day (bpd), Abdul Karim said, though he did not specify a timeline. The field currently produces around 50,000 bpd.
“Halliburton will also help Iraq to produce 300 million cubic feet of gas from the field”, said Abul Karim.
Abdul Karim said oil production at the West Qurna 1 field, operated by PetroChina in southern Iraq, is expected to reach 750,000 bpd by the end of 2025, up from the current 550,000 bpd. PetroChina holds the largest stake in the field following Exxon’s exit.
“We are in talks with CPECC to reduce the project’s cost, and final signing is imminent,” he said.
Asked about the impact of the latest sanctions targeting Russia on the global crude supplies and if Iraq is ready to lift production, Abdul Karim said Iraq has the capacity to increase its oil production by 200,000 barrels per day (bpd) immediately if asked by OPEC.
Iraq’s oil exports from its southern ports averaged 3.232 million bpd in December, he added.
Reporting by Aref Mohammed; Additional reporting and Writing Ahmed Rasheed; editing by David Evans – Reuters
This article was originally posted at sweetcrudereports.com
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