Iraq’s Ministry of Oil is nearing the finalization of a strategic framework agreement with global energy technology company Baker Hughes, with additional discussions ongoing for a memorandum of understanding in the gas sector.
According to a statement from Iraqi Prime Minister Mohammed Shia al-Sudani’s office, the Prime Minister met with Baker Hughes Chairman and CEO Lorenzo Simonelli in Baghdad. Al-Sudani described Baker Hughes as “one of the world’s top four energy and oil services companies.”
Al-Sudani expressed enthusiasm for Baker Hughes to expand its presence in Iraq, emphasizing the importance of cooperation with both the government and private sector in the oil and gas industries. He highlighted Iraq’s “promising market and plans for major projects, particularly in the integrated oil, gas, and petrochemical sectors.”
The Prime Minister also drew attention to the Development Road initiative, which includes oil and gas transport projects, and stressed the importance of completing ongoing projects, notably the Nasiriyah oil field. Baker Hughes is investing in this field to extract 200 million standard cubic feet of associated gas, with completion expected by 2026. This project aims to reduce gas flaring and boost domestic gas production.
The Baker Hughes delegation affirmed their commitment to investing in Iraq’s oil and gas sectors and discussed finalizing the strategic agreement with the Ministry of Oil. The company also expressed interest in participating in a gas platform project at Grand Faw Port and indicated a willingness to finance several other initiatives in Iraq.
Baker Hughes, a global leader in energy technology, has been actively involved in Iraq’s oil and gas industry, strengthening its presence through strategic agreements, collaborations, and investment initiatives aimed at enhancing the country’s energy infrastructure.
Last April, Baker Hughes signed a memorandum of understanding (MoU) with Iraq-based Halfaya Gas Company (HGC) to collaborate on a gas flaring reduction project at the Bin Umar gas processing plant in southeastern Iraq. The signing took place in Washington, D.C., during Prime Minister al-Sudani’s official visit to the United States. In 2017, the two parties had already signed a deal for modular Natural Gas Liquids plant solutions for flare gas recovery.
Legal Disclaimer:
IRAQNOMX provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider below.
Shafaq
