Iraq is actively discussing strategic development of its oil resources with the US-based business KBR as part of its post-war recovery efforts to strengthen its ability to produce oil and gas.
This measure demonstrates Iraq’s intention to resuscitate its oil industry through foreign investment.
Hayan Abdul-Ghani, Iraq’s Minister of Oil, stressed this attempt and mentioned the ongoing success of a multibillion-dollar agreement with TotalEnergies of France for the development of gas reserves in southern Iraq.
Iraq’s Oil Ministry is pressing forward with plans to increase oil and gas production and strengthen its long-term sector growth strategy.
The negotiations with KBR, which have been described as advanced, are part of a bigger effort to ensure that Iraq’s hydrocarbon industry remains competitive and capable of meeting demand from both local and international markets.
Iraq intends to enhance both production capacity and foreign investment in many areas of the hydrocarbon industry, such as oil, gas, and refining projects, by collaborating with internationally known businesses such as KBR and TotalEnergies.
The agreement with TotalEnergies and the negotiations with KBR represent a significant step toward Iraq’s economic growth and recovery objectives.
