Iraq is looking to partner with Halliburton Co. and Aramco to tap into oil and gas reserves in the Western Desert.
The Iraqi ministry is finalizing the commercial terms of work. The contract is set to be signed once the government takes office.
Development costs are to be covered by the Iraqi government and Saudi Aramco if it decides to invest, Bloomberg reported, citing Iraq’s Oil Minister Ihsan Abdul Jabbar.
The country is also discussing with Aramco the possibility of funding and developing a natural gas field, also known as Akkas.
Gas extracted from the field will help Iraq be less dependent on oil for electricity, Jabbar added.
This comes as the Gulf nation aims to generate at least 80 percent of its gas domestically and achieve gas self-sufficiency by 2025.