Gas flares burn atop processing towers at an oil field facility in Basra, Iraq. Baghdad is boosting hydrocarbons production to recover from major revenue losses caused by export halts during the US-Israel war on Iran. AFP
The state-owned "Basra Oil Company has signed a joint management contract with the American company Halliburton for the Bin Omar and Sinbad oil fields" in Basra province, said the Iraqi oil ministry's media office.
Iraqi Oil Minister Bassem Khodeir said the deal with Halliburton aligns with the government's plans to "boost oil and gas production capacity".
He added that Iraq aims to boost oil output at the Bin Omar field by 150,000 barrels per day (bpd) within five years, along with 300 million cubic feet of associated gas.
Production at the Sinbad oil field should increase by 80,000 to 100,000 bpd.
Baghdad's new government led by Prime Minister Ali al-Zaidi has urged the OPEC oil cartel to increase Iraq's oil production quota, taking into account the damage done to its industry from past conflicts and the recent US-Israel war on Iran.
Like other oil producers, Iraq, a founding member of OPEC, was greatly affected by the Middle East war, as it is hugely dependent on oil exports, which make up about 90 percent of its budget revenues.
The new contract with Halliburton was signed prior to Zaidi's upcoming visit to Washington later this month.
Zaidi, who only recently took office with the blessing of the United States, hopes to attract more US investment to Iraq, which urgently needs to revive its economy, especially after revenue losses caused by the halt of oil exports during the Middle East war.
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