Reuters quoted Iraq's oil ministry as saying that a group led by US oil major Exxon Mobil beat 3 rival consortiums to win the contract to develop the giant West Qurna oilfield.

As per report, the 20 year contract is one of a raft of agreements that Iraq is close to clinching which could catapult the nation emerging from decades of strife and economic decline to the position of the world's third largest crude producer.

Mr Asim Jihad spokesman of oil ministry said that “The consortium led by Exxon Mobil, which includes Shell, won the contract to develop West Qurna Phase I oilfield.”

Mr Jihad said that the consortium will sign an initial deal at 1400 local time and that it still needed cabinet approval.

Exxon and Royal Dutch Shell competed against Russia's LUKOIL, France's Total and a consortium led by China's CNPC for Phase I of the West Qurna field which has reserves of 8.7 billion barrels.

(Sourced from Reuters)