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Iraq gov’t approves $278.8m Halliburton oil deal

Iraq gov’t approves $278.8m Halliburton oil deal
According to a statement issued by the Iraqi government, the cabinet approved a deal worth $278.8 million with Halliburton Co. for the southern West Qurna-1 oilfield.

Halliburton will drill, under the 30-month contract, 30 oil wells in the West Qurna phase 1 field, which is being developed by ExxonMobil. It is worth noting that its oil reserves amounted to 8.7 billion barrels.

Oil production at the West Qurna-1 field stood at approximately 360,000 barrels per day (bpd) due to problems related to low levels of water injection, required to boost production.

It is worth highlighting that Iraq has awarded remunerative oilfields development contracts to major companies such as Royal Dutch Shell, BP and Exxon Mobil, with the purpose of raising its oil production to reach between 8.5 and 9 million bpd by 2017.