$526.6 mln deal signed for Iraq’s West Qurbna-2 oilfield

24/05/2015

A $526.6 million deal with China’s Zhongman has been approved by the Iraqi cabinet. The deal is about West Qurna-2 oilfield of Iraq.
According to a government statement, under the 28-month contract, Zhongman Petroleum and Natural Gas will drill 66 production oil wells at West Qurna-2, operated by Russia’s Lukoil. Current production capacity at West Qurna Two is over 400,000 bpd but actual output is less than 350,000 bpd.
It has to be noted that West Qurna-2 is one of the biggest oilfields of Iraq. Boosting capacity of this oilfield means boosting Iraq’s economy.

Last Update:: 24/05/2015

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