Iraqi oil ministry signs Basra oil field development deal with Iraqi-Chinese venture

The Iraqi oil ministry said on Sunday it signed a Heads of Agreement (HOA) with an Iraqi-Chinese joint venture to develop an oil field in the Basra province with a capacity of 200,000 barrels per day.

The venture comprises China’s Geo-Jade and Iraq’s Crescent Basra companies, the statement said.

Iraq, a significant player in the global oil market, is striving to increase its crude reserves beyond 160 billion barrels, Oil Minister Hayan Abdel Ghani said on Saturday.

The minister’s comment came during the launch of new licensing rounds for 29 oil and gas fields.

According to the World Bank, Iraq holds 145 billion barrels of proven oil reserves quating to 96 years of production at the current extraction rate.

These are among the largest crude reserves in the world.