Iraq’s Basra Oil Company and Iraq Drilling Company inked an agreement to drill 40 wells at the Majnoon oil field, according to the Iraqi Oil Ministry Thamer Ghadhban, Pipeline Oil and Gas Magazine reported.

The agreement was inked by the Iraqi Oil Minister Thamer Abbas Ghadhban, the General Director of Basra Oil Ihsan Abdul Jabbaran and the General Director of Iraq Drilling Company Mohammed Khudair.

Signing the agreement will help Iraq to increase Majnoon oilfield production, reaching 450,000 barrels per day (b/d) in 2021, the ministry said in a statement.