BAGHDAD, Dec. 22 (UPI) -- Iraqi lawmakers are set to consider an agreement signed to develop the Gharaf oil field in southern Dhi Qar province, deputy ministers said.
Malaysia's Petronas and Japan Petroleum Exploration Corp. signed a deal with the Iraqi Oil Minister to develop the Gharaf oil field.
Karim al-Ubeidi, Iraq's deputy oil minister, told the Voices of Iraq news agency that the deal would put the country closer to its production ambitions.
"The agreement was signed to develop the oil field in Nasiriyah with a daily production capacity at 230,000 barrels at a price of $1.49 for the barrel," he said.
Iraq during the weekend started signing off on contracts awarded at the second post-war oil auction that began on Dec. 11. Petronas and Royal Dutch Shell signed agreements Sunday on the giant Majnoon oil field, which holds at least 12 billion barrels of oil.
The Gharaf field holds an estimated 900 million barrels of oil. Iraq aims to boost its production capacity with the deals from 2.5 million barrels per day to as much as 12 million bpd within the next decade.
The deals signed by the Iraqi oil minister must pass through Parliament for approval.
