Baghdad (IraqiNews.com) The Iraqi Oil Ministry has announced reaching an agreement with US firm Orion to invest in the associated natural gas at Nahr Bin Omar field in Basra province.
In a statement on Monday, the minister Jabbar al-Luaibi said it’s expected to sign a memorandum of understanding over the coming days between the company and Basra Gas Company.
Located in south of Iraq, the field produces more than 40,000 barrels of crude oil and 25 million cubic feet of gas daily.
Few days ago, Luaibi urged the US oil companies to compete for the investment projects offered by the ministry.
In November, the ministry called on international companies to bid for investments to look for, develop and produce oil and gas in nine regions in Iraq.
On Sunday, the ministry said Algeria’s state energy Sonatrach company will mull potential investments in oil and gas exploration in Iraq.
Iraq has oil reserves of around 137 trillion cubic feet of gas. 70 percent of the Iraqi gas is associated with oil. Iraq ranks the eleventh among countries rich in natural gas.
In September, Luaibi said his country seeks stopping the burning of gas by mid-2021, which makes revenues of more than US$ six billion annually.