Baghdad: The Ministry of Oil has announced a strategic contract with Schlumberger with the aim of increasing the production capacity of the Akkas field to 100 million standard cubic feet per day.

According to National Iraqi News Agency, the announcement was made following the eighth session of the Opinion Board chaired by Deputy Prime Minister for Energy Affairs and Minister of Oil, Engineer Hayan Abdul-Ghani Al-Sawad. The Minister reviewed the Ministry's key achievements for the month, including the opening of a grease refinery at the Northern Refineries Company, which is set to fulfill 70% of the nation's requirements. He also directed refinery companies to enhance grease refineries to achieve self-sufficiency. The Ministry has already reached self-sufficiency in gas oil and kerosene and aims to accomplish similar results in gasoline production this year by completing FCC projects in Basra and the naphtha improvement project in Kirkuk.

The Minister highlighted the new contract with Schlumberger to boost production in the Akkas field and mentioned an agreement in principle with American company Chevron to develop four exploration blocks in the Dhi Qar Oil Company. This includes the Balad oil field and other exploration fields or blocks. The Ministry expressed its intent to increase collaboration with international oil and gas companies, including those from the United States.

The meeting saw participation from the Ministry's undersecretaries, advisors, and general managers of various departments and companies. During the session, agenda items were discussed, leading to decisions and recommendations aimed at advancing the oil sector's development.