Iraq Eyes Global Markets with Pipeline Deal in the Works

The Iraqi government has authorized the director general of Basra Oil Co. to sign an agreement with Syria's oil ministry on building pipelines linking oil production sites in Iraq to global export markets via the Mediterranean.

This move is part of a larger effort to boost Iraq's oil infrastructure and increase output capacity, as announced by the Iraqi cabinet. The Integrated Qayyara Project will be put up for bidding, with the aim of further developing Iraq's oil infrastructure and increasing production.

The cabinet also approved a recommendation on a tender to drill an exploratory well in Qara Tappah and activated the Iraq, Turkey framework agreement on water resources, with the financing mechanism set to enter into force on September 1. Additionally, Iraq will sign a memorandum of understanding with a consortium including ConocoPhillips, TI Capital, and Novaterra to assess the exploration and development of the Akkas field.