BOC Manager: Iraq signs deal with Halliburton for development of Nahr Bin Omar Oilfield
The Basra Oil Company's (BOC) head said that Iraq and U.S. oil service firm Halliburton were close to signing an agreement for the development of the Nahr Bin Omar Oilfield.
Bassem Abdul Karim said that Halliburton and the Iraqi oil ministry are expected to sign an agreement of confidentiality in the next few days. Iraq will then provide Halliburton data about the Nahr Bin Omar fields and their installations.
Abdul Karim, who did not give a specific timeline, said that Halliburton would help Iraq increase production in the field up to 300,000 barrels a day (bpd). The field produces around 50,000 barrels per day.
Abul Karim said, "Halliburton also will help Iraq produce 300 million cubic foot of gas from its field".
Abdul Karim stated that oil production in the West Qurna 1 Field, operated by PetroChina, will increase to 750,000 barrels per day by 2025. This is an increase from the current level of 550,000 barrels per day. PetroChina now holds the largest stake after Exxon left the field.
According to the BOC manager, Iraq chose China Petroleum Engineering & Construction Corporation to develop a $1.7billion gas project on the Nahr Bin Omar Field, which will generate 300 million standard cubic foot (mscf).
He said that he was in negotiations with CPECC about reducing the cost of the project. The final signature is on its way.
Abdul Karim responded that Iraq could increase its oil output by 200,000 barrels a day (bpd), if OPEC asked.
He added that Iraq's oil exports to its southern ports in December averaged 3,232 million barrels per day. (Reporting and writing by Aref Mohammad; Additional reporting by Ahmed Rasheed; Editing by David Evans).
(source: Reuters)
