Commodities
Iraq Signs 25-Year Deal to Develop Ajeel Oil Field
Baghdad has signed a 25-year deal to develop and operate the Ajeel oil field in Saladin province.
The agreement, which was inked on Saturday, aims to more than double gas production from about 135 million standard cubic feet per day to 300 million standard cubic feet per day and increase oil output from 30,000 to 40,000 barrels per day.
According to the Prime Minister's Media Office, the deal is part of the Oil Ministry's efforts to 'maximize the utilization of hydrocarbon resources' and support Iraq's electricity generation system.