According to the state news agency (INA), Iraq's oil ministry stated on Friday that its agreement with France's Total will enter the "implementation phase" in the first quarter of 2022.
The $27 billion deal inked in Baghdad in September will see Total build four massive energy projects in southern Iraq.
In Other News
Oil prices increased on Friday, on track for their sixth weekly gain, as geopolitical concerns about Russia and Ukraine raised the risk of supply interruptions.
At 2:39 p.m., Brent crude was up 0.8 percent to $90.08 a barrel. After reaching a seven-year high of $91.04 on Thursday, Riyadh time.
After hitting a seven-year high of $88.54 earlier in the trading session, US benchmark WTI rose 0.7 percent to $87.25.
Both grades are on track to climb for the sixth week in a row, the longest streak since October.