Iraq’s South Gas Company, Halfaya Gas Company sign deal to develop gas field

In a significant move towards bolstering Iraq’s energy sector, Iraq’s South Gas Company, a subsidiary of the Iraqi Ministry of Oil, has successfully finalized a pivotal gas processing and development deal with Halfaya Gas Company. The agreement pertains to the Nahr Bin Umar field, strategically located in the southern region of Basra.

The accord, signed for the processing and development of a substantial 150 million standard cubic feet per day, will be implemented utilizing the Build-Own-Operate-Transfer (BOOT) model. This framework enables the construction, operation, and eventual transfer of the facility. Additionally, the project contemplates the potential production of condensates and liquefied gas. Essential infrastructure, including pipeline networks, storage tanks, and gas gathering facilities, is slated for construction to supply gas to power plants.

Raban Al-Safina Company for Energy Projects Ltd. (RASEP), the parent company of Halfaya Gas Company, plays a pivotal role in this venture. Headquartered in Baghdad and steered by Iraqi businessman Saadi Saihood, RASEP also maintains a branch office in Dubai, United Arab Emirates. This collaboration underscores the commitment to fostering international partnerships for the development of Iraq’s energy resources.

The project signifies a crucial step towards enhancing Iraq’s energy independence and meeting the rising demands for natural gas. With the combined expertise of Iraq’s South Gas Company and Halfaya Gas Company, this endeavor is poised to contribute significantly to the nation’s economic growth and energy sustainability. The agreement stands as a testament to Iraq’s dedication to fostering strategic alliances for the advancement of its energy infrastructure.