Iraq adopts new decisions to strengthen the oil sector and diversify export outlets
Baghdad, July 26 / WAM / The Iraqi government approved, on Saturday evening, a series of decisions to develop the oil sector, diversify export outlets through Syria, and invest in oil and gas fields and exploratory patches in various regions of the country.
A statement stated that the Iraqi government decided, in its weekly session, to authorize the CEO of the Basra Oil Company to sign a memorandum of understanding between the Iraqi Ministry of Oil and the Syrian Ministry of Energy regarding the establishment of a pipeline project linking Iraqi oil production lines to global export markets across the Mediterranean Sea with the aim of diversifying crude oil export routes and outlets.
The Iraqi government also authorized the Minister of Oil, Bassem Muhammad Khudair, to sign a memorandum of understanding with a consortium of companies (ConocoPhillips, TI Capital, and Novater) regarding initiating discussions related to evaluating the possibilities of exploration and development in the Okaz gas field in Anbar Governorate, western Iraq, and its surrounding areas.
The Iraqi Oil Minister, Bassem Muhammad Khudair, said in the middle of last week that Iraq had signed 7 large oil and gas investment contracts with American companies worth more than $200 billion, most notably Chevron, Halliburton, KAG, Schlumberger, and others.
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