China’s state owned Zhenhua oil has agreed to initial plans for their development of Iraq’s East Baghdad oil field according to the Iraq Ministry of Oil

The project aims to increase  production of the east Baghdad oilfield to 40,000 barrels per day (bpd) with a timeline of 5 years. Officials from the Iraqi Ministry of Oil have previously estimated the east Baghdad oilfield has approximately 8 billion barrels of crude reserves. 

Estimates could even exceed the current estimate of 40,000 bpd within 5 years and could be as much as 120,000 bpd. 

Formal ceremonies are expected to be held announcing the Chinese company’s involvement in developing the fields and there are also plans to build a oil residential complex