The Iraqi Ministry of Oil announced on Wednesday that negotiations are ongoing with Halliburton, the world’s second-largest oil services company, to develop the Nahr Bin Umar oilfield in Basra province.
Deputy Oil Minister for Extraction Affairs, Basim Khudair, told the Iraqi News Agency (INA) that following the awarding of a contract for Nahr Bin Umar’s gas resources, discussions now include a project to develop the field’s crude oil reserves.
The gas project, planned in two stages, is expected to produce around 300 million cubic feet per day within three years, according to Khudair.
In early February, Iraq signed two contracts with US-based Halliburton to develop key oil fields, reinforcing the country’s strategy to enhance its energy sector and optimize resource utilization amid rising domestic and global energy demand.
Basra Oil Company (BOC) confirmed that it has signed confidentiality and principles agreements with Halliburton to develop the Nahr Bin Umar and Sindbad oilfields near Basra. These agreements lay the groundwork for the initial evaluation and development phase to achieve targeted production levels and maximize resource efficiency.
BOC Director Bassem Abdul-Karim highlighted that these agreements mark a critical step in development operations, allowing Halliburton access to all relevant field data to formulate a technical and financial model for the projects.
Currently, the Nahr Bin Umar oilfield produces 45,000 barrels per day, with output projected to rise to 300,000 barrels per day post-development, significantly boosting Iraq’s crude oil production.
Halliburton’s Business Development Manager, Omar Kashif, emphasized that this partnership represents a major step toward utilizing advanced technologies for sustainable production.
The agreements signify a milestone in Iraq’s oil field development, aligning with the nation’s efforts to balance resource investment and production growth.