C20 Group Submits Final Statement to G20 Summit

Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
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C20 Group Submits Final Statement to G20 Summit

Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)
Prince Abdul Aziz bin Salman, the Saudi energy minister. (File/AFP)

Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi received the closing statement of the civil society engagement group for the G20 countries on behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

The C20 group wrapped up on Saturday the work of this year's civil society summit chaired by Saudi Arabia, which was held virtually during the past four days, with the presence of more than 20,000 participants from 109 countries around the world.

The summit’s agenda had 65 discussion sessions and workshops, in which the more than 380 speakers included representatives of the governments of twenty countries, international civil society organizations, and specialized international organizations, as well as experts and decision-makers.

Prince Abdul Aziz bin Salman, the minister of energy, participated in a special dialogue on the future of green energy.

A number of representatives of the Saudi presidency of the G20 countries also took part in the summit, including Fahd Al-Mubarak, minister of state.

"We won’t be part of the problem, nor part of the solution. Our goal is to be pioneering in finding solutions," Prince Abdul Aziz bin Salman said.

He affirmed that the Kingdom has been tirelessly pushing towards an international commitment to endorse the Circular Carbon Economy in efforts for a sustainable and clean environment.



Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
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Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo

Iraq and US oil services firm Halliburton are close to finalizing an agreement to develop the Nahr Bin Omar oilfield, the head of Iraq's Basra Oil Company (BOC) told Reuters on Thursday.

Bassem Abdul Karim, director general of state-run BOC, said Iraq's oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, after which Iraq will provide Halliburton with data on the Nahr Bin Omar field and its installations.

Under the deal, Halliburton will help Iraq in increasing production at the field to 300,000 barrels per day (bpd), Abdul Karim said, though he did not specify a timeline. The field currently produces around 50,000 bpd, Reuters reported.

"Halliburton will also help Iraq to produce 300 million cubic feet of gas from the field", said Abul Karim.

Abdul Karim said oil production at the West Qurna 1 field, operated by PetroChina in southern Iraq, is expected to reach 750,000 bpd by the end of 2025, up from the current 550,000 bpd. PetroChina holds the largest stake in the field following Exxon's exit.

To reduce its gas import bill, Iraq has selected China Petroleum Engineering & Construction Corporation (CPECC) to develop a $1.7 billion gas project at the Nahr Bin Omar field, which will produce 300 million standard cubic feet (mscf) of gas, according to the BOC manager.

"We are in talks with CPECC to reduce the project's cost, and final signing is imminent," he said.

Asked about the impact of the latest sanctions targeting Russia on the global crude supplies and if Iraq is ready to lift production, Abdul Karim said Iraq has the capacity to increase its oil production by 200,000 barrels per day (bpd) immediately if asked by OPEC.

Iraq's oil exports from its southern ports averaged 3.232 million bpd in December, he added.