By John Lee.
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.
(Sources: Ministry of Oil, Reuters)