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(eca052): Iraq to develop southern Gharraf oil fields
Sep 10, 2010, 11:49 GMT
Nasiriyah, Iraq - Iraq's oil ministry announced Friday that it would begin drilling for oil in the southern Gharraf oil fields by the end of the year.
Officials said initial production levels of 50,000 barrels per day from 11 oil wells are expected.
Gharraf is located near Nasiriyah, some 375 kilometers south of the capital Baghdad.
Malaysia's state-owned oil company Petronas and the Japan Petroleum Exploration Company (Japex) late last year signed a deal with the Iraqi government to develop the Gharraf oil fields.
The deal envisages 20 oil wells with an estimated daily output of 230,000 barrels over 20 years.
Iraq's state oil company holds a minority share in the partnership.
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