Iraq’s oil boom: Three deals sealed in February
Shafaq News/ Iraq finalized three significant oil deals in February, strengthening its crude production capacity and integrating advanced technology into its operations, economic media outlets revealed on Thursday.
The agreements, detailed in a monthly report by the Washington, DC-based Energy Platform, encompass crude oil export and sales, acquisitions of project stakes, and the establishment of large-scale ventures.
The most substantial deal involved a partnership between Iraq’s North Oil Company and British energy major BP to develop four oil fields in Kirkuk, with estimated reserves of nine billion barrels.
Iraq’s Ministry of Oil stated that the agreement follows prior negotiations on technical and contractual aspects, formalized in memorandums of understanding signed in London on January 15.
In a separate agreement, Iraq’s Basra Oil Company partnered with US-based Halliburton to enhance production at the Nahr Bin Omar and Sindbad fields. Under the terms, Halliburton will conduct initial assessments to optimize production while improving resource efficiency. The development plan aims to boost output at Nahr Bin Omar from 45,000 barrels per day (bpd) to 300,000 bpd, marking a significant rise in Iraq’s crude supply.
As for the third deal, it introduced artificial intelligence (AI) technology to oil field operations. Iraq’s Midland Oil Company inked an agreement with China’s SBS to deploy AI-based monitoring solutions at the East Baghdad Field, one of Iraq’s largest, stretching over 120 kilometers in length.
