By: AGBI
The oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, Bassem Abdul Karim, director general of state-owned Basra Oil Company, told Reuters.

Under the pact, Halliburton will help Iraq increase production at the oilfield from the current 50,000 barrels per day (bpd) to 300,000 bpd, Abdul Karim said.

The US company will also help produce 300 million cubic feet of gas from the site.

Iraq has selected the state-run China Petroleum Engineering & Construction Corporation to develop a $1.7 billion gas project at the Nahr Bin Omar field, which will produce 300 million standard cubic feet of gas, the report said.

Abdul Karim said discussions are being held with China Petroleum to lower the project’s cost.

Meanwhile, Iraq’s oil ministry signed a memorandum of understanding with British oil company BP to rehabilitate and develop four oilfields operated by North Oil Company in Kirkuk, state-run Iraq News Agency reported

The pact will expand the production of oil and gas. No other details were given.