New Contract for Drilling 40 Wells at Majnoon, Iraq - Panorama Insurance Brokers

New Contract for Drilling 40 Wells at Majnoon, Iraq

Iraq’s Basra Oil Company (BOC) has agreed a deal with the state-owned Iraqi Drilling Company (IDC) to drill 40 new oil wells in the giant Majnoon oilfield.

In a statement on Thursday, the Ministry of Oil said the aim is to increase production at the field to 450,000 barrels per day (bpd) by 2021.

Reuters estimates current production at around 240,000 bpd.

Source: Ministry of Oil, Reuters and Iraq Business News

About Iraq Business News

Since its launch in February 2010, Iraq Business News has grown rapidly to become the leading news service for all who are interested in the development of Iraq.