Iraq to Boost Oil Production by $200 Billion Investment
Iraq's oil sector is set to receive a major boost after the country's oil minister announced that seven US companies have signed agreements to invest in excess of $200 billion in various projects.
The investments, which cover the development of oil and gas production in key fields, are expected to increase Iraq's crude output capacity by nearly 55% over the next five years.
Bassim Mohammed, Iraq's oil minister, said that the agreements signed with major US firms during Prime Minister Ali Al-Zaidi's visit to the US will allow Iraq to largely increase its oil production capacity and include the construction of an advanced infrastructure for the oil sector in Iraq.
The agreements include partnerships with HKN company for the development of oil and gas output at Hamrain field, Halliburton for the development of Nahr bin Omar and Sindbad oilfields, Chevron for West Qurna 2 oilfield, BP and Conoco Philips for four exploratory areas in North Iraq, and three US firms for Akkas gas field.