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Iraq signs contract with Chinese oil company COSL

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A written statement was made from the Iraqi Drilling Company affiliated with the government.

In the statement, it was pointed out that the agreement with the COSL oil company supports another previous agreement with the Chinese company CNOOC for 22 wells to be drilled in the oil fields in Meysan.

Baghdad has stepped up efforts to develop oil fields and drill new wells to increase oil production to an average of 6 million barrels per day by 2025.

With an average daily oil production of 4.6 million barrels, Iraq is the second largest crude oil producer after Saudi Arabia, and 92 percent of government expenditures are met by oil revenues.

According to the monthly oil market report of the Organization of Petroleum Exporting Countries (OPEC), crude oil production in OPEC increased the most in Iraq, along with Saudi Arabia and the United Arab Emirates.

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