US oil giant company ExxonMobil Corporation on Wednesday has signed a contract with the Iraqi Drilling Company, a state-run Co., to drill 20 oil wells in West Qurna-1 Oil Field in Basra, south of Iraq.

On the sidelines of the signing ceremony, Idris Mohsen Al-Yasseri, Director-General of the Iraqi Co., said that the project is scheduled to complete within 24 months as of today and cost up to USD 100 million.

According to Al-Yasseri, the Iraqi company has also signed a deal with oil services company Shlngber to offer services associated with drilling requirements such as governing and miscellaneous services.

ExxonMobil has previously won a contract bid on a development service to West Qurna-1 Oil Field at a cost of USD 1.9 million per extra barrel.

Source: Zawya