Iraq Oil Minister reports rising interest from US companies

Iraqi Oil Minister Bassem Mohammed Khudair has reported significant interest from American companies to enter the Iraqi market and assist in developing the nation's oil and gas fields. The ministry is actively supporting this trend to leverage American expertise in technology transfer and workforce development.

Several American firms are already active in the country, including service and consulting companies such as Halliburton, Schlumberger, Baker Hughes, and KBR. The ministry currently holds memorandums of understanding with Chevron, ExxonMobil, and ConocoPhillips.

Key ongoing negotiations and projects include:

• Chevron: Discussions regarding the West Qurna 2 field following the withdrawal of Luk Oil, and the development of four blocks in the Nasiriyah field. • ExxonMobil: Extensive discussions concerning the Majnoon oil field project, export infrastructure, and a seawater project with a capacity of 2.5 million barrels per day to maintain reservoir pressure. • Halliburton: Activation of a contract to develop the Nahr Bin Omar and Sinbad fields. • ConocoPhillips: A memorandum of understanding for the development of the Akkaz gas field.

Additionally, a contract with HKN has been activated to develop the Hamrin field, which the minister described as an integrated oil and gas investment. The ministry aims to reduce bureaucracy and streamline the transition from contract negotiations to project execution to make Iraq a more attractive environment for American and European firms.