Halliburton secured a five-year integrated management contract with Iraq’s Basra Oil Company (BOC). The agreement covers the development of the Bin Omar and Sindbad oil fields in southern Iraq.
The project targets production of 150,000 barrels per day (bpd) from the Bin Omar field. It aims for an additional 100,000 bpd from the Sindbad field. The contract also includes plans to increase associated gas production from both locations.
This partnership aligns with Iraq’s strategy to enhance hydrocarbon output using international expertise. RBC Capital raised its price target on Halliburton to $45 from $44 following the announcement. The firm maintained an outperform rating on the stock.