East Baghdad oilfield to be developed, new signed contract

Economy

12-11-2018, 10:23

+A -A

INA - Baghdad Iraq signed a contract with China’s state-run Zhenhua Oil to develop the southern-East of Baghdad oilfield, the oil ministry said. This came as Iraq is now seeking to increase production from East Baghdad oilfield to 40,000 barrels per day within five years. Oil officials estimated that the East of Baghdad fields has around 8 billion barrels of crude reserves. Hence, it has the potential to produce 120,000 barrels of oil per day. The contract required Zhenhua Oil to build a residential complex and only qualified Iraqis to be recruited. This is considered a part of the Iraqi government strategy for the sustainable development of the oil & gas sector.