Basra: Basra Oil Company announced today, Saturday, the signing of two agreements with an American company to develop Nahr Bin Omar and Sinbad fields. The company’s general manager, Basem Abdul Karim, stated that the principles and confidentiality agreements were signed with Halliburton to advance these oil fields.

According to National Iraqi News Agency, these agreements serve as the foundation for initiating development, discussing operations, and exchanging data and information pertinent to the fields. The goal is to build a technical and economic model to boost oil production and efficiently invest in associated gas.

Karim noted that the current production of the Nahr Bin Omar field is about 45,000 barrels per day, with hopes of increasing output to 300,000 barrels per day following development. Discussions and studies will be conducted regarding both fields’ development to achieve these targets.

Omar Al-Kashif, Halliburton’s Director of Business Development, emphasized the significance of this collaboration. He highlighted Halliburton’s commitment to utilizing the latest digital and technological techniques to ensure sustainable production. Al-Kashif also mentioned planned field visits to Nahr Bin Omar and Sinbad, where development will proceed in stages to enhance production efficiency.

In a related update, Kazem Abdul Hassan Karim, Director of the Fields Authority and Head of the Negotiating Committee, revealed that the agreement sets the stage for signing a development contract using the IFMS model. Basra Oil Company will remain the main operator, while Halliburton will serve as a consultant for managing surface and subsurface projects.

Karim further explained that Nahr Bin Omar is a geologically complex field but contains significant quantities of high-quality natural gas and very light oils with a density of up to 50 API.