Iraq is planning to drill around 150 oil wells next year which will increase the country’s crude oil production by 250,000 barrels a day, head of the state-run Iraqi drilling company said.

Idris Al-Yassiri also said the IDC bought 24 rigs this year, which will bring the total number of rigs to around 53 rigs by the end of 2009. “We are planning to bring the number to 60 rigs in 2010.”

Iraq, which holds the world’s third largest oil reserves, desperately needs to increase its oil production, now standing at around 2.4 million barrels a day.

He didn’t say how much the IDC paid for buying these rigs but he said prices ranged between $12 million and $35 million a rig.

Yassiri also said his company is negotiating with a leading international firm to set up a joint venture company in Iraq.

(Dow Jones & Rigzone)