Economic Update – Baghdad
The Ministry of Oil has announced ongoing discussions with the American company Halliburton aimed at the development of the Bin Omar River oil field located in Basra.
According to the Undersecretary of the Ministry of Oil for Extraction Affairs, Mohamed Khudair, the Bin Omar River field is classified as an oil and gas field, with a formal contract for gas already in place allowing the contracting company to initiate operations.
Khudair highlighted that negotiations are progressing with Halliburton to enhance the petroleum aspects of the field, which aligns with the ongoing gas investment initiatives at Bin Omar.
He further elaborated that the project is designed to achieve a production target of approximately 300 million standard cubic feet of gas per day, to be realized in two phases. However, he emphasized that establishing gas infrastructure is a lengthy process, with a minimum timeframe for completion and operational readiness estimated at around three years.
For more updates, subscribe to our channel on Telegram
