Iraq Close to Oil Field Development

Iraqi officials are in the final stage of negotiations with international oil majors to develop five oil fields in the country.

Iraqi Oil Ministry spokesperson Asim Jihad told Bloomberg that he hopes to conclude the deal within a matter of weeks to boost production by 500,000bpd.

Last month Iraqi officials met with Shell, ExxonMobil, BP, Chevron Corp. and Total SA to discuss technical support contracts to help develop the five oil fields.

By staff writer