Halliburton Co. signage is displayed alongside storage tanks in Port Fourchon, Louisiana, USA. Photo: Luke Sharrett/Bloomberg/Getty Images
Baghdad (IraqiNews.com) – Iraqi Oil Minister Basim Khudair confirmed on Saturday that US firms are showing increasing interest in entering the Iraqi market and developing the country’s oil resources and petroleum industry.
In a statement to the state-run Iraqi News Agency (INA), Khudair explained that the Iraqi government supports US corporations’ involvement in the Iraqi market, citing their significant expertise in the oil sector, as well as their ability to transfer knowledge to Iraqi staff.
Several American companies are operating in Iraq, including oil services and consulting firms such as Halliburton, Schlumberger, Baker Hughes, and KBR, according to Khudair. He indicated that the ministry reached agreements with Chevron, ExxonMobil, and ConocoPhillips.
Khudair clarified that the ministry is in negotiations with ExxonMobil to develop the Majnoon oil field, export infrastructure, and a seawater injection project with a capacity of 2.5 million barrels per day to maintain reservoir pressure.
The Iraqi oil minister noted that a deal with Halliburton has been activated to develop the Nahr Bin Umar and Sindbad fields. He added that an agreement with ConocoPhillips has been concluded to develop the Akkas gas field, where Schlumberger is currently operating the project’s first phase.
The Iraqi Oil Ministry activated a deal with Texas-based HKN to develop the Hamrin field, describing the agreement as significant since it develops both oil and gas resources.
Khudair further stated that the Oil Ministry encourages American and European enterprises and works to make the Iraqi market an appealing environment for them.