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Western Iraq Oil and Gas Development Negotiations Underway

Negotiations are underway between Iraq, Aramco, and Halliburton for oil and gas developments in western Iraq.

Iraq is negotiating with Saudi Arabia's Aramco and Halliburton Co. for the development of oil and gas in the western part of the country.

Iraq's Oil Minister Ihsan Abdul Jabbar stated in a Qatar interview that Baghdad is in talks with Halliburton Co. about forming technical cooperation to explore and run oil and gas reserves in the Anbar region, near Iraq's borders with Syria and Saudi Arabia. He said the ministry is completing the commercial terms and scope of work, and that as soon as Iraq's government enters office, it would sign the deal.

The Iraqi government will fund the development costs, as will Saudi Aramco if the oil giant agrees to invest, according to the minister. Jabbar also mentioned that Iraq and Aramco are also in discussion to fund and develop the neighboring Akkas gas field.

According to the minister, Korea's KOGAS, which had a development contract for the field, is no longer involved in the project.

Due to internal strife, the field had remained inactive for years before the government reclaimed it from Islamic State terrorists in late 2017.

Jabbar stated that the gas from the field would be used in Iraq, allowing the country to require less oil to generate energy. Natural gas is a cleaner-burning fuel that may be used to generate energy.

He also mentioned that Iraq is in talks with Qatar about supplying liquefied natural gas until the country can produce enough of its own.

Iraq, which is OPEC's second-largest crude producer, wants to be gas self-sufficient by 2025, producing at least 80% of its gas locally.

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