Iraq has begun negotiations with the US oil major Halliburton to develop a crutch gas field in Anbar governorate, looking to increase its hydrocarbons output as oil prices rise.
The Ministry of Oil has also sent the initial contract for the development of Mansourieh gas field to the Council of Ministers for its approval, Iraqi satellite television channel Al Nujaba said on Twitter on Monday.
The ministry did not give details of the potential deal with Haliburton or the contract it has signed for Mansourieh gas field.
Iraq, Opec's second largest producer, is trying to increase its oil and gas output to capitalise on higher oil prices. The country relies heavily on the sale of hydrocarbons for revenue to fuel its economy and can benefit from price increases to accelerate its growth.
Oil prices, which rose more than 67 per cent last year, are currently trading above their seven-year high and are expected to breach the $100 per barrel market at a time of tight supply and rising geopolitical tensions in eastern Europe.
Iraq is also keen to tie up with more international energy companies to invest in its energy sector after oil majors such as ExxonMobil and Lukoil considered leaving the grounds of political instability and security concerns.
In September, Iraq signed an agreement worth $27 billion with France's TotalEnergies for four oil and gas projects.
TotalEnergies will make an initial investment of $10bn, with engineering investment on projects to start “immediately”, according to the company's chairman and chief executive Patrick Pouyanne.
The French oil major will invest in projects to recover gas being flared across three oilfields in Iraq and use the gas to generate power from a plant with 1.5 gigawatts capacity in the first phase. The move will help the country plug its power deficit and use its energy reserves more efficiently.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
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Always check the weather forecast before setting off
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7.45pm UAE 1000 Guineas – Listed (TB) $150,000 (D) 1,600m
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RACECARD
6pm: Al Maktoum Challenge Round-1 – Group 1 (PA) $50,000 (Dirt) 1,600m
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
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A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
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