$526m Drilling Deal

$526m Drilling Deal $526m Drilling Deal

Iraq's cabinet has approved a $526.6 million drilling deal with China's Zhongman for the West Qurna Two oilfield, the government said in a statement. Under the 28-month contract, Zhongman Petroleum and Natural Gas will drill 66 production oil wells at West Qurna Two, operated by Russia's Lukoil. The field's production capacity is over 400,000 bpd but actual output is currently less than 350,000 bpd, TradeArabia reported.