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Iraq, Chinese firm to sign for development of Baghdad oil field

Iraq, Chinese firm to sign for development of Baghdad oil field

Baghdad: Iraq will sign on Wednesday a contract with a Chinese company for the development of an oil field east of the capital, Baghdad, a spokesperson of the oil ministry said.

Assem Jihad said Iraq will sign the contract with ZhenHua Oil to develop the southern section of Eastern Baghdad oilfield. He said the agreement aims to drive up production from the field to 40.000 barrels per day within five years.

He added that the Chinese company will also establish a residential compound annexed to the field, and will commit to rely on Iraqi workers to a great extent.

Both sides signed a preliminary agreement on the project late 2017.

Iraq is OPEC’s the second largest oil producer after Saudi Arabia.