Baghdad (IraqiNews.com) – As part of its post-war recovery efforts to improve its capacity for producing oil and gas, Iraq is actively negotiating strategically with the US-based firm KBR to develop its oil fields.
This action highlights Iraq’s desire to revive its hydrocarbon industry by attracting global investment.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, emphasized this endeavor and mentioned the continued success of a multibillion-dollar deal with TotalEnergies of France for the development of gas fields in southern Iraq.
Iraq’s Oil Ministry is moving forward with plans to boost oil and gas outputs and improve its strategy for sustainable sector growth.
The Oil Ministry’s choice to start talks with KBR reflects a plan to take advantage of foreign investment and experience.
The talks with KBR, which have been characterized as highly advanced, are part of a larger endeavor to guarantee that Iraq’s hydrocarbon industry stays competitive and is able to satisfy demand from both the domestic and foreign markets.
Through collaboration with internationally renowned companies such as KBR and TotalEnergies, Iraq hopes to increase both its production capacity and the amount of foreign investment it attracts into different areas of its hydrocarbon industry, such as projects related to oil, gas, and refining.
The deal with TotalEnergies and the discussions with KBR are a big step in the right direction toward Iraq’s goals of economic growth and recovery.
Source: Iraqi News, 7. March 2024
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