Iraq’s oil ministry on Monday completed a major deal with US major Exxon Mobil and Anglo-Dutch giant Shell to develop production at West Qurna-1, the war-torn country’s second biggest field.
“The oil ministry signed the contract for West Qurna-1 with Exxon Mobil and Shell,” ministry spokesman Assem Jihad said in a statement.
“This contract will increase production from 285,000 barrels-per-day to 2,325,000 barrels-per-day.”
West Qurna-1 has reserves of around 8.5 billion barrels, according to oil ministry figures.
A deal with a consortium led by Russian energy giant Lukoil to develop the neighboring West Qurna-2 field is expected to be signed on Saturday, Jihad added.