Iraq has signed an initial agreement with China’s National Offshore Oil Corporation (CNOOC) for the latter to drill 150 wells in the Iraqi Buzurgan oilfield, located in the Southeastern Maysan Governorate, ZAWYA News Agency reported.
CNOOC has been operating in the Buzurgan field for nearly 10 years.
The two sides of the agreement have been negotiating for two years, but the contract was suspended due to Coronavirus, according to Bassim Abdul Karim, Director of the Iraq Drilling Company.
“We have resumed those negotiations, which have now produced a preliminary agreement with CNOOC to develop 150 wells in Buzurgan field,” Abdul Karim said.
According to the contract, the drilling will be divided in two phases, and the first phase will be for drilling 71 wells.