The state-run Basra Oil Company and the contractors for the West Qurna-1 oil field, ExxonMobil and the US' Schlumberger International, signed the contract on June 17.
Minister of Oil Ihsan Abdul-Jabbar Ismail said during the signing ceremony that:
- The contract will increase oil production in the Qurna-1 oil field by 200,000 barrels per day (bpd) in the coming 5 years
The oil field also produces around 150 million cubic feet of associated gas on a daily basis, he added.
Iraq's West Qurna-1 oil field, which holds more than 20 billion barrels of expected recoverable reserves, is among the largest in the world.
Iraq's economy heavily relies on crude oil export, which accounts for more than 90% of the country's revenues.