US oil & gas companies see growth opportunities in Iraq

US oil & gas companies see growth opportunities in Iraq

Companies in the US have shown interest in boosting bilateral cooperation with Iraq across all industries, especially oil and gas, according to the Iraqi Ministry of Oil.

Last week Douglas Silliman, the US Ambassador to Iraq met with the Iraqi Oil Minister, Jabbar Alluaibi, who invited US companies to participate in tenders and said it was preparing more favourable work conditions for foreign companies in the Middle Eastern nation.

There are currently two US supermajors operating in Iraq, ExxonMobil and Chevron.

The former began operating in the country in 2010 with Iraq’s South Oil Company to redevelop the West Qurna I oil field, which was followed by agreements with PetroChina and Pertamina over interest in the same project. Production Sharing Contracts were signed by the company in October 2011 that covered over 848,000 acres in Kurdistan, Iraq.

Meanwhile, Chevron is one of the major companies in the southern Iraq and has the potential to create a coalition with other foreign companies in the region to take over Shell’s Majnoon oil field.

However, the country wants to raise production levels in Majnoon from the current 235,000 to approximately 400,000 in the near future, and hopes that US companies can help them achieve this.

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