In an important development for the oil industry in Iraq, KBR announced today that it has secured the renewal of its engineering, procurement, and construction management (EPCM) contract with Basra Oil Company (BOC) for the Majnoon Oil Field for an additional two years. This contract extension not only underscores the robust partnership between KBR and BOC but also highlights their collective commitment to enhancing Iraq's energy sector. Under this renewed contract, KBR will continue to provide comprehensive EPCM services, which are critical for sustaining forecasted production capacity at the Majnoon Oil Field.
The Majnoon Oil Field, known for its strategic significance, requires a collaborative approach to maximize operational efficiency. KBR's involvement will undoubtedly enhance local content, thereby promoting sustainable growth within the region. Jay Ibrahim, President of KBR Sustainable Technology Solutions, emphasized the importance of this contract extension, noting that it reinforces KBR's ongoing commitment to Iraq’s national energy strategy and the sustainable development of the Majnoon field. Clearly, KBR is dedicated to not only supporting the immediate needs of BOC but also contributing to Iraq's long-term domestic capacity enhancement.
Commitment to Local Development and Safety
Moreover, KBR’s strategy involves employing a high number of local professionals in Iraq, which is essential for meeting targeted percentages at the Majnoon site and other regional hubs. This local workforce enables KBR to ensure the seamless execution of ongoing and upcoming projects, particularly as part of the Growth II Program. By focusing on local talent, KBR not only fosters community development but also aligns with global best practices in project execution.
Mr. Kadhim Kareem, CEO of the Majnoon Field at Basra Oil Company, clearly articulated the mutual benefits of this partnership. He stated, “KBR will continue to be our strategic partner in EPCM projects in Majnoon, successfully supporting our long-term development goals and maximizing field potential through safe, efficient, and sustainable project execution.” This statement reflects the shared vision between KBR and BOC, emphasizing a commitment to safety and efficiency in all operations.
The renewal of KBR's contract with Basra Oil Company represents a significant milestone in Iraq's oil production landscape. Through strong partnerships and a focus on sustainable practices, both companies are positioned to drive growth and enhance operational performance in one of the country's most vital assets.
