Sonangol Clinches Deals for Iraqi Oil Fields

Angola's state-run oil major, Sonangol, has finalized a development agreement with the Iraqi Oil Ministry to increase production at two of the country's northern oil fields.

Offered in Iraq's second post-war licensing round, the two deals entail ramping up production at the Qaiyarah and Najmah oil fields to 120,000 barrels per day and 110,000 barrels per day, respectively.

According to a Dow Jones report, both fields contain an estimated 800 million barrels of proven oil reserves and are situated 400 kilometers north of Baghdad.