Iraq signs up to $ 3 billion oil deal with Chinese national oil company . Deal is first major contract with foreign company since fall of Hussein Shahrastani . China National Petroleum Corporation to develop oil field in southern Iraq . The Oil Ministry continues to negotiate short-term , no-bid contracts with several U.S. and European oil companies , including Exxon Mobil Corp. , Royal Dutch Shell , Total SA , Chevron Corp. and BP . Oil field expected to produce 25,000 barrels a day within June .
Iraq signs up to $ 3 billion oil deal with Chinese national oil company . Deal is first major contract with foreign company since fall of Hussein Shahrastani . China National Petroleum Corporation to develop oil field in southern Iraq . Oil field expected to produce 25,000 barrels a day within June .