en.Wedoany.com Reported - On July 5, 2026, Halliburton and Iraq's Basra Oil Company signed a five-year integrated management contract in Basra Province to jointly develop the Bin Umar and Sinbad oilfields. Iraqi Oil Minister Bassim Mohammed Khudair attended the signing ceremony and stated that the agreement aligns with the Iraqi government's strategic plan to "expand oil and gas production capacity."

According to the contract plan, the Bin Umar oilfield will achieve a crude oil production target of 150,000 barrels per day and associated gas production of 300 million standard cubic feet per day within five years; the Sinbad oilfield targets a crude oil production of 80,000 to 100,000 barrels per day and associated gas production of 240 million to 260 million standard cubic feet per day. Iraq's Ministry of Oil stated that the additional associated gas production will provide greater supply flexibility for the country's energy sector.

This cooperation is the latest move by Iraq to attract U.S. energy companies back to the upstream sector. In recent years, Iraq has been advancing cooperation with U.S. companies, including GE Vernova and Honeywell, which have signed agreements related to natural gas development and electricity. The Iraqi government has set a target to achieve a crude oil production capacity of 6 million barrels per day by 2028 and eliminate associated gas flaring. Halliburton has been operating in Iraq since 2003, and this contract signing marks a resurgence of confidence in the country's upstream plans.