Iraq Oil Minister: $200B U.S. energy deals to boost crude output and gas by 2030

Baghdad (IraqiNews.com) — Iraq’s Minister of Oil, Basim Mohammed Khudair, announced on Tuesday that the federal government is advancing a clear strategic roadmap to comprehensively expand the nation’s energy infrastructure. Speaking during an interview on the official Al-Iraqiya News channel, the Minister confirmed that the agreements finalized during Prime Minister Ali Falih al-Zaidi’s official visit to Washington will significantly boost total crude reserves, increase daily production, and generate extensive employment and technical training opportunities across the country. Khudair revealed that the total estimated value of the energy contracts, strategic agreements, and memorandums of understanding executed during the U.S. summit reaches approximately $200 billion, emphasizing that the active presence of top American energy firms sends a strong message of market confidence to international investors. Key Highlights from the Washington Energy Portfolio HKN Energy Deal: Strategic development agreement signed to expand production at the Hamrin oil field. Chevron Expansion: Operations and development agreements covering West Qurna 2, as well as the Nasiriya and Balad fields. Halliburton Integrated Management: Comprehensive field management pacts secured for the Bin Umar and Sindibad fields. Syrian Export Corridor: A major cross-border pipeline agreement signed with Syria to construct and reactivate the strategic Haditha–Baniyas pipeline. The Minister underscored that Iraq’s total crude oil production capacity has now officially crossed 4.8 million barrels per day (bpd). In response to severe disruptions caused by the closure of the Strait of Hormuz, Baghdad is actively establishing alternative export bypasses through both the Ceyhan pipeline to Turkey and the Baniyas route through Syria. OPEC Negotiations & Domestic Energy Security OPEC Export Quotas: Iraq is engaged in active, serious dialogues with OPEC to increase its official export ceiling, insisting on a quota that reflects its production capacity and compensates for historical infrastructure damage. Gas Self-Sufficiency Target: While current gas output remains insufficient for domestic power grid needs, new capture projects are projected to achieve complete gas self-sufficiency by 2030. Fuel Refinement Milestones: Iraq has reached full domestic self-sufficiency in gasoil (diesel) and kerosene, alongside a daily output of 30 million liters of gasoline. Refinery Governance: Addressing past operational failures at the Baiji Refinery, Khudair described historical mismanagement as an abuse of public funds and vowed that ongoing administrative restructuring within the ministry will prevent future compliance breaches. The post Iraq Oil Minister: $200B U.S. energy deals to boost crude output and gas by 2030 appeared first on Iraqi News.