Iraq to sign deal with Halliburton to develop Nahr Bin Omar oilfield

Moving to the Middle East, Iraq is finalizing a deal with U.S. oil firm Halliburton to develop the Nahr Bin Omar oilfield

It aims to boost the oilfield's production from approximately 50-thousand barrels per day to 300-thousand barrels per day.

The deal also includes plans to produce gas from the same field.

It's part of Iraq's broader strategy to increase its oil and gas production.

Iraq also plans to increase its output from the West Qurna 1 field, operated by PetroChina, to 750-thousand barrels per day by the end of the year.

It is also working with the China Petroleum Engineering and Construction Corporation, on a 1.7 billion U.S. dollar gas project.