US energy firm Orion agrees to invest in Iraq gas field

US energy firm Orion signed a preliminary agreement with Iraq’s oil ministry to invest in gas production at the Nahr Bin Omar field in Basra.

Jabbar Al-Luaibi, Iraq oil minister said the agreement is a result of the ministry’s efforts of attracting optimum investment in the country’s gas wealth. He said a memorandum of understanding would be signed in the coming days between Orion and the field’s operator Basra Oil Company, according to a ministry statement.

Nahr Bin Omar is currently producing 40,000 barrels of crude oil per day and 25 million cubic feet of raw gas per day.