The Iraqi Ministry of Oil has signed a five-year contract with the U.S. company Halliburton to develop the Bin Umar and Sindbad oilfields, aiming to increase crude oil and natural gas production as part of the federal government's strategic plan.

Five-Year Contract Signed with Halliburton

The Iraqi Ministry of Oil has signed a contract with the American company Halliburton to develop the Bin Umar and Sindbad oilfields.

The agreement follows previous oil contracts signed with the American companies Chevron and KBR.

The Ministry of Oil stated that the integrated management contract for the Bin Umar and Sindbad fields was signed between the Basra Oil Company (BOC) and Halliburton as part of the government's development plan and in line with the directives of Iraqi Prime Minister Ali Faleh al-Zaidi.

Iraqi Oil Minister Basim Mohammed said the agreement is part of the ministry's strategy to increase Iraq's oil and natural gas production capacity.

He noted that the contract will remain in effect for five years.

Development Plan for Bin Umar and Sindbad Fields

Mohammed stated that, under the five-year plan, crude oil production at the Bin Umar field will increase to 150,000 barrels per day (bpd).

The project also aims to produce 300 million cubic feet of natural gas.

Regarding the Sindbad field, the Oil Minister said production will be increased to between 80,000 and 100,000 barrels per day.

He added that associated natural gas production capacity will also be expanded to between 240 and 260 million cubic feet per day.

Continued Support for International Companies

Basim Mohammed reaffirmed that the ministry will continue signing contracts with major international companies, particularly American firms, and will support them in achieving their objectives and overcoming challenges in the public interest.

Halliburton has operated in Iraq since 2003 and is one of the largest companies specializing in oil and natural gas development.

The agreement marks the third contract signed by the cabinet of Prime Minister Ali Faleh al-Zaidi with international companies, Chevron, Halliburton, and KBR, in the oil and natural gas sector.