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| Iraqi government signed an agreement with American oilfield services company Halliburton |
The Iraqi government signed an agreement on Sunday with the American oilfield services company Halliburton, under which it will manage two oil fields in the south of the country, in a move aimed at boosting oil production.
The Iraqi Oil Ministry stated in a statement that the Basra Oil Company signed a joint management contract for the Bin Omar and Sindbad oil fields with Halliburton.
Oil Minister Bassem Mohammed Khudair al-Abadi said the agreement falls within the plans of the new government headed by Ali al-Zidi, which aim to raise production capacities in the oil and gas sectors, within a strategic vision aimed at developing and investing in the energy sector.
Al-Abadi, who attended the signing ceremony, added that production at the Bin Omar field is expected to rise to about 150,000 barrels per day over the next five years, while the increase in production at the Sindbad field is expected to range between 80,000 and 100,000 barrels per day.
The signing of the agreement coincided with the approaching visit of Iraqi Prime Minister Ali al-Zaidi to Washington, scheduled for later in July, at the invitation of US President Donald Trump.
The Iraqi government, which won a vote of confidence in parliament last May, is seeking to attract more foreign investment, especially from the United States, as it needs to boost oil exports and revive the economy after a decline in revenues due to regional unrest that affected oil flows.
This agreement also comes after Iraq asked OPEC to raise its oil production ceiling, following the repercussions of the war in the Middle East, while oil revenues constitute about 90% of the Iraqi state's revenues.
