On Monday, the Ministry of Oil of Iraq signed an agreement with the companies Northern Oil and Northern Gas. According to this document, the companies will begin development of the Shushmi oil field. Oil and gas reserves there are estimated at 50 billion barrels.
"This is one of the largest agreements in Iraq in recent times," noted the country's oil minister.
The companies plan to invest around $500 million in the first phase of development, which will take approximately two years. According to the agreement, the daily oil production will reach 100 thousand barrels.
"We are pleased to have the opportunity to start work at the Shushmi field and attract investments," noted the representatives of the companies.
