KBR obtains renewal for Engineering, Procurement, and Construction Management (EPCM) agreement with Basra Oil for an oil field located in Iraq.

KBR obtains renewal for Engineering, Procurement, and Construction Management (EPCM) agreement with Basra Oil for an oil field located in Iraq.

In a significant development for Iraq's oil industry, KBR has secured a two-year renewal of its Engineering, Procurement, and Construction Management (EPCM) contract with Basra Oil Company for the Majnoon Oil Field.

The contract, which covers the period from 2023 to 2025, will see KBR continue to provide comprehensive EPCM services aimed at sustaining forecasted production capacity, enhancing operational efficiency, maximizing local content, and driving continued safety improvements.

The Majnoon Oil Field, one of Iraq's largest oil fields, is located in Iraq and is operated by a consortium that includes BP, CNPC, and the Iraqi South Oil Company. The exact terms of the renewed contract are not detailed, but it is expected to increase Iraq's oil production capacity by 600,000 barrels per day.

A key aspect of the contract involves maximizing local content, with KBR employing a high number of local professionals to facilitate project execution and support local development. This strategic partnership underscores KBR's commitment to Iraq's national energy strategy and its role in enhancing domestic capacity through effective and sustainable project execution.

The renewed contract is subject to the approval of the Iraqi government, as mentioned in subsequent paragraphs. The contract renewal underscores KBR's commitment to Iraq's national energy strategy and its role in enhancing domestic capacity through effective and sustainable project execution.

In addition to sustaining existing production facilities, KBR's EPCM services under the renewed contract will also involve the development of new oil production facilities and the management of infrastructure projects related to the oil field. The contract renewal pertains to the oil industry.

The Majnoon Oil Field is estimated to have an oil reserve of 13 billion barrels, making it a crucial asset for Iraq's national energy strategy. The renewed contract with KBR is expected to contribute significantly to Iraq's oil production capacity and economic growth.

The renewed contract with KBR for the Majnoon Oil Field, a significant asset in Iraq's national energy strategy, will not only sustain existing production facilities but also develop new oil production facilities and manage infrastructure projects related to the oil field, expanding Iraq's oil production capacity by 600,000 barrels per day. This strategic partnership underlines KBR's role in the oil industry, its commitment to Iraq's domestic capacity growth, and its efforts to enhance operational efficiency and safety while maximizing local content in the finance and energy sectors, particularly in the oil-and-gas business.

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