Iraq signs oil deal with British firm to increase production

[sabra]

Source: china view

BAGHDAD, Feb. 26 (Xinhua) -- Iraq's Oil Ministry and British oil firm signed a joint venture deal on Thursday to drill 60 oil wells a year in southern Iraq, an Iraqi oil ministry statement said.

The Iraq Drilling Company, one of the oil companies under the country's oil ministry, has signed a 90 million U.S. dollar deal with 51 percent owned by Iraq and the British Mesopotamia Petroleum Company (MPC), the statement obtained by Xinhua said.

The joint venture will be run by a joint board of directors, which will be headed by the Iraqi company, the statement said.

Idrees al-Yasiri, head of the Iraqi Drilling Company signed the deal with MPC's chairman, Stephen Remp, during a ceremony in Iraqi oil ministry with the presence of Oil Minister Hussein al-Shahristani.

Read more: http://news.xinhuanet.com/english/2009-02/26/content_10904756.htm