Iraq to conclude an agreement to dig 40 wells in the field, "Majnoon" oil

Basra Oil Company signed an agreement with Schlumberger, the leading oil field services company, on Wednesday to dig 40 wells in the Majnoon field in southern Iraq.

A statement issued by the Ministry of Oil, said that "Basra oil" state-owned, concluded another agreement with the oil exploration company owned by the Iraqi government, to conduct a seismic survey in the same field located in Basra (south).

The two contracts were signed at the ministry's headquarters in Baghdad, in the presence of Iraqi Oil Minister Thamer Ghadhban, but the ministry did not disclose their value.

The statement quoted Ghadhban as saying that "the field of Majnoon of the giant fields, having great production potential, and the signing of the two contracts comes to raise production rates."

The Iraqi government has been running the "Majnoon" field since Royal Dutch Shell withdrew from its development in June.

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The current crude production from the field is about 240 thousand barrels per day; Iraq plans to increase production to 450 thousand barrels per day in 3 years.

Iraq is OPEC's second largest oil producer after Saudi Arabia, producing a total of about 4.6 million bpd.

The Iraqi government has recently announced plans to increase the country's production capacity to 6.5 million bpd by 2022.

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