The Iraqi government has signed an agreement with US oil services giant Halliburton to manage two fields in the south of the country, as Baghdad seeks to increase production. Oil Minister Bassem Mohammed Khudair Al-Abadi said the agreement falls within the plans of new Prime Minister Ali Al-Zaidi's government to boost oil and gas production capacities as part of a future vision for investment in the energy sector.
Al-Abadi stated that production at the Bin Omar field will increase by up to 150,000 barrels per day over the next five years, while production increases at the Sindbad field are expected to range between 80,000 and 100,000 barrels per day.
The contract was signed ahead of Al-Zaidi's anticipated visit to Washington, expected later in July, at the invitation of US President Donald Trump. Al-Zaidi, whose government won the confidence of the Iraqi parliament in May, is seeking to attract further American investment, as Baghdad needs to boost its oil exports and revive its economy, particularly following revenue losses caused by the halt in oil exports during the Middle East war.