Iraq is close to completing a $53bn 30-year contract for the development of oil fields with Exxon and PetroChina in the south of the country, with possible returns of $400bn for Iraq, according to Prime Minister Adel Abdul Mahdi. As a result of the project, the combined production of Nahr Bin Umar and Artawi should hit half a million barrels of oil daily, from 125,000 bpd today. The deal will be signed on Monday at an investment conference in Baghdad.
Iraq is close to completing a $53bn 30-year contract for the development of oil fields with Exxon and PetroChina in the south of the country, with possible returns of $400bn for Iraq, according to Prime Minister Adel Abdul Mahdi. The deal will be signed on Monday at an investment conference in Baghdad.