Iraq signs $200 billion in deals with US energy companies

Baghdad (IraqiNews.com) – Iraqi Oil Minister Basim Khudair said on Tuesday that the deals struck with US energy corporations during Prime Minister Ali al-Zaidi’s visit to the United States are estimated at $200 billion. In a televised interview, Khudair explained that the new agreements will raise Iraq’s oil production capacity, create job opportunities, and help the country achieve self-sufficiency in gas by 2030, according to the Iraqi News Agency (INA). The deals include agreements with HKN Energy, Chevron, and Halliburton to develop the oilfields of Hamrin, West Qurna-2, Nasiriyah, Balad, Bin Omar, and Sindbad, as well as an agreement with Syria to construct the Haditha-Baniyas oil pipeline. Khudair noted that Iraq’s current oil production capacity is 4.8 million barrels per day, but the government is in serious discussions with the Organization of Petroleum Exporting Countries (OPEC) to increase oil exports. Just like most other oil producers, Iraq has to face the issue of how to attract investments and increase production under the restrictions imposed by OPEC. Despite having some of the world’s greatest crude oil reserves, ongoing production constraints impede Iraq’s efforts to generate revenues needed to support its growing population. The post Iraq signs $200 billion in deals with US energy companies appeared first on Iraqi News.