Latest news with #BasimKhudair
Iraqi News
3 days ago
- Business
- Iraqi News
Foreign oil companies increase investments in Iraq
Baghdad ( – The Iraqi Ministry of Oil confirmed on Wednesday that international oil corporations are increasingly looking to invest and operate in Iraqi oil fields. The Deputy Oil Minister for Extraction Affairs, Basim Khudair, said in a statement that foreign oil firms are increasingly interested in investing and operating in Iraq's oil reserves, the Iraqi News Agency (INA) reported. Global multinational oilfield services company Schlumberger has begun operations at the Akkas gas field in the western Iraqi province of Anbar, according to Khudair. The Iraqi official illustrated that Iraqi Minister of Oil Hayan Abdul-Ghani and officials representing the US-based company Chevron recently met in the Austrian capital, Vienna, to explore investment in four exploration blocks in the Nasiriyah oil field, located approximately 200 kilometers northwest of Basra. Khudair mentioned that discussions also addressed the development proposal of the Balad oilfield located about 60 kilometers north of Baghdad. US-based ExxonMobil also showed interest in once again entering the Iraqi market and is actively negotiating possible investments in Iraqi oilfields, according to Khudair. The aforementioned steps are a positive sign of multinational corporations' trust in the investment climate provided by the Iraqi government in the oil and gas sectors.
Iraqi News
27-03-2025
- Business
- Iraqi News
Iraq expedites development of Akkas and Mansuriya gas fields
Baghdad ( – The Deputy Oil Minister for Extraction Affairs, Basim Khudair, stated on Tuesday that Iraq is making rapid progress in developing its Akkas and Mansuriya gas fields in order to meet the country's growing energy demands. Khudair's remarks took place during a field visit to the Midland Oil Company, where he assessed current output and facilities projects and emphasized the importance of increasing investments in the fields, according to a statement released by the Iraqi Oil Ministry. The Akkas gas field, which was found in 1992, has approximately 5.6 trillion cubic feet of confirmed natural gas deposits. The Iraqi Ministry of Oil announced in April that it had signed a contract with the Ukrainian company Ukrzemresurs to develop the Akkas gas field in western Iraq. The Akkas gas field, which has sizable reserves, was being developed by the Korea Gas Corporation (KOGAS), a South Korean public natural gas company, before Ukrzemresurs won the contract. In October 2024, Iraq signed a deal with a consortium of China's Jereh Group and Petro Iraq to develop the Mansuriya gas field in Diyala governorate in eastern Iraq. The Mansuriya gas field is one of Iraq's most promising producing sites, and the deal will increase the country's gas production by 300 million cubic feet per day. The Iraqi Minister of Oil, Hayan Abdul-Ghani, stated earlier that the development of the Mansuriya gas field will help the country meet its gas needs to fuel power plants. With estimated reserves of 4.5 trillion cubic feet of gas, Mansuriya, which stretches 20 kilometers long and three to four kilometers wide, is Iraq's second-largest gas field after Akkas.
