Baghdad: Oil Minister Bassem Mohammed Khudair has unveiled a robust vision and strategy for the investment of Iraq’s oil and gas resources, marking a significant milestone with the signing of contracts worth $200 billion during a visit to Washington.

According to National Iraqi News Agency, Minister Khudair emphasized in a televised statement that these contracts and agreements are set to provide numerous job opportunities while offering various social benefits and scholarships through the involved investment companies. He highlighted that the presence of American companies in Iraq serves as a positive signal to international firms, showcasing Iraq as an attractive investment landscape. Currently, 22 international companies are operational in Iraqi oil fields.

Minister Khudair further elaborated on Iraq’s oil production capabilities, stating that the country’s total production capacity surpasses 4.8 million barrels per day. An important agreement has been reached with Syria concerning the Haditha-Banias oil pipeline, and discussions are ongoing with Turkey to renew the export agreement via the Ceyhan pipeline.

During the US visit, seven significant agreements were signed, including a notable agreement with Chevron, a leading global energy company. Under this agreement, Chevron will manage operations at the West Qurna 2 field and develop the Nasiriyah and Balad fields. Additionally, an agreement with Halliburton was finalized for the integrated management of the Bin Omar and Sindbad fields, further solidifying Iraq’s commitment to enhancing its oil and gas sector.