The project has been outlined in order for Iraq to increase its oil production to 8 million barrels per day (bpd) by 2023, with current production levels at around 4.8 million bpd.
Negotiations between Iraq's Oil Ministry and the two oil giants have been ongoing for around three years. The project, known as the South Integrated Project, hasn't been completed yet as 'fiscals' still need to be agreed upon according to Abd al-Mahdi al-Ameedi, Director General of the Ministry of Oil.
The plans include the development of two fields in southern Iraq to pay for gas plants, a water injection project needed to boost reservoir pressure, and repairs/upgrades to multiple parts of Iraq's oil extraction and transport infrastructure, which is currently inadequate for the targeted growth in production levels.
Source: Kurdistan 24