Baghdad: The Ministry of Oil announced today, Thursday, a future plan to increase production at the Akaz field to 400 million standard cubic feet per day. It also indicated an upcoming meeting with the American company ConocoPhillips to discuss the implementation mechanism for the Akaz field agreement.

According to Iraqi News Agency, the Director General of the Central Oil Company, Mohammed Yassin Hassan, stated: “The company will soon meet with a delegation from the American company ConocoPhillips in Baghdad to begin meetings and discuss the implementation mechanism for the agreement signed by the Iraqi government with the company through the Ministry of Oil in the United States.” He added: “There will be sessions to agree on the implementation mechanism for the agreement. This agreement is a moral commitment and does not involve a financial obligation, and the mechanism must be discussed.”

Hassan explained, “Oil fields are complex, and the Akaz field has gone through many phases. Therefore, the economic model built in 2010 is not the same as in 2026. Consequently, any company that comes in must obtain the necessary information to establish a mechanism for implementing the agreement.”

He continued, “The Akaz field has faced setbacks. The first was in 2014 when the ISIS terrorist group entered the area and destroyed everything. Afterwards, the Central Oil Company, under the direction of the Ministry of Oil, began supplementing production with the national effort. Currently, it produces 43 million cubic feet of gas (MMcf/dL). Our current contract with the American company Schlumberger involves drilling six wells and constructing a processing plant with a capacity of 100 MMcf/dL, and work is underway.” He noted that the field was only slightly affected by the crisis and has returned to operation. Drilling and construction of facilities are currently ongoing.