BAGHDAD: Iraq’s cabinet has approved a $526.6 million drilling deal with China’s Zhongman for the West Qurna Two oilfield, the government said in a statement.
Under the 28-month contract, Zhongman Petroleum and Natural Gas will drill 66 production oil wells at West Qurna Two, operated by Russia’s Lukoil, the statement said. Current production capacity at West Qurna Two is over 400,000 bpd but actual output is less than 350,000 bpd.
West Qurna Two is one of several big fields under development which are set to boost Iraq’s economy.
$526m drilling deal for West Qurna oil field
