Iraq signs 5-year contract with Halliburton to develop Bin Umayr and Sindibad fields

BAGHDAD, Iraq — Iraq's Oil Ministry said a five-year contract for the integrated management of the Bin Umayr and Sindibad oil fields was signed on Tuesday in Baghdad between state-run Basra Oil Company and U.S. energy services firm Halliburton. The ministry said the agreement is part of a broader strategy to raise Iraq's oil and gas production capacity. Oil Minister Bassam Mohammed Hadi al-Abadi attended the signing ceremony, the ministry said. It added that the deal targets crude oil output of 150,000 barrels per day at Bin Umayr, alongside associated gas production of 300 million standard cubic feet per day from the field. According to the ministry, Halliburton has operated in Iraq since 2003. It said the ministry would provide the support needed to meet the contract's production targets. No further details on the contract's financial terms or implementation timeline were immediately available.