The Iraqi Ministry of Oil announced that it has signed a deal with Stroytransgaz for the exploration, development, and production of bloc 17 in the Western Anbar province.

Reserves at the block are estimated at 2-4 billion barrels of oil equivalent (boe), with gas accounting for about 70% of the total reserves, according to the Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil Thamir Abbas Ghadhban.

The deal will help enhance oil and gas exploration and production (E&P) activities in Anbar, which in return will boost economic development and job creation, as well as supporting the private sector.

The contract, which binds the Russian company to build a residential complex and invest around $100 million in the province’s infrastructure, was signed with first initials on September 4 and will be sent to the Cabinet for approval.