Iraq's oil ministry announced on Sunday the details of the agreement signed last week with the Basra Oil Co. and state-owned Iraqi Drilling to drill 40 oil wells in the Majnoon field.
Iraqi Drilling Company Director General Bassim Mohammed Khudair said during a news conference Sunday that the production timeline is 24 months and output is expected to reach 450,000 barrels per day (bpd).
Khudair added that work will begin at the year.
Oil Minister Thamer Ghadhban said during the signing of the drilling contract: “The program will help the field increase production operations in record times and at reduced costs.”
The deal “represents an important step for the development of oilfields with national capabilities through specialized companies,” he added.
