Iraq signed a five-year integrated management contract with US oilfield services company Halliburton to develop the Bin Umar and Sindbad fields in Basra, the Oil Ministry said on Sunday.
Oil Minister Bassem Mohammed Khudair Al-Abadi described the agreement as part of the ministry’s plan to increase oil and gas production through partnerships with major international firms.
Under the contract, crude production at Bin Umar is expected to reach 150,000 barrels per day, while associated gas investment will rise to 300 million standard cubic feet per day, while output at Sindbad is targeted at 80,000 to 100,000 barrels per day, with associated gas investment rising to 240 to 260 million standard cubic feet per day.
Oil Ministry spokesperson Salim Al-Rikabi had warned that Iraq could withdraw from the Organization of the Petroleum Exporting Countries (OPEC) unless its production quota is increased to reflect the country’s output capacity and future needs. Iraq’s July 2026 quota stands at 4.378 million barrels per day, according to OPEC data, while the International Energy Agency estimates it can produce 4.9 million barrels per day within 90 days.
