The US oil services group Halliburton will sign an agreement with the Iraqi state-owned firm Basra Oil Company (BOC) to develop the Nahr Bin Omar field, located in southern Iraq, aiming to boost oil production at the field from 50 kb/d to 300 kb/d. Iraq has also selected the state-owned China Petroleum Engineering & Construction Corporation (CPECC, a subsidiary of the China National Petroleum Corporation, part of the PetroChina group) to develop a US$1.7bn gas project at the Nahr Bin Omar field, to produce 300 mcf (8.5 bcm) of gas, The Nahr Bin Omar field, operated by BOC, has estimated reserves of 6,500 mbl of oil and 12 bcf (340 mcm) of gas.
In addition, BOC said that oil production at the West Qurna 1 field, operated by PetroChina in southern Iraq, is expected to reach 750 kb/d by the end of 2025, up from the current 550 kb/d. PetroChina holds the largest stake in the field following ExxonMobil's exit at the end of 2023.
In 2023, Iraq produced over 10 bcm of natural and 212 Mt of crude oil. The country’s proved reserves stood at over 3,700 bcm for gas and 19,730 Mt for oil in 2023.