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Iraq, US Reportedly Sign $200 Billion in Energy Deals

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Iraq reportedly signed energy deals with the US worth $200 billion, to increase domestic production capacity and support associated gas developments, according to media outlets on Wednesday.

The two countries inked seven agreements, including a deal with Halliburton (HAL) for the management of the Bin Umar and Sindbad oilfields, a deal with HKN Energy to develop the Himreen oilfield, and a contract with Chevron (CVX) to operate the West Qurna 2 field and develop the Nasiriyah and Balad oilfields, The National reported.

The country's oil production capacity is around 4.8 million barrels per day at present, Reuters reported, citing Iraq's oil minister Basim Mohammed Khudair.

The presence of US companies in Iraq highlights the attractiveness of the country's oil investment environment, Khudair reportedly said.

Aside from the US, Iraq has also signed a deal with Syria for the rehabilitation of the Haditha-Baniyas oil pipeline and is currently in discussion with Turkey for the renewal of an agreement pertaining to oil exports through the Ceyhan pipeline, according to the oil minister.

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