State-run Basra Oil Company has signed two agreements with US energy major Halliburton to develop the Nahr Bin Omar and Sinbad oil fields.

The agreements include sharing all data and information related to the two fields to develop technical and economic models for oil production and investment of associated gas, state-run Iraq News Agency (INA) reported, citing General Manager Basem Abdul Karim.

Production at Nahr Bin Omar will rise to 300,000 barrels per day (bpd) from the current 45,000 bpd after development, the official said.

Field visits are planned in the coming days,  the report said.

Basra Oil Company will remain the main operator, while Halliburton will be a consultant in surface and subsurface project management.

The Nahr Bin Omar field is known for its large quantities of high-quality natural gas and light crude oil. No financials on the deal were disclosed.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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