AK News reported that Iraq's Oil Ministry has signed a contract with Kuwait Energy to carry out a seismic survey in Basrah gas field.

The Kuwaiti company and Turkish company TBAO won the investment contract in al Siba fields after competition from Kazakhstani Company Munai Kaz in 2010.

The Oil Ministry said that its oil exploration company signed the contract for the seismic survey with Kuwait Energy. Iraq produced 3 million barrels of oil a day in the last month which moved the country from third to second place in terms of oil output. Iraq overtook the second-largest OPEC oil producer Iran for the fist time since 1980.

Iran last month produced 2.9 million barrels of oil a day. Iran produced 1 million barrels per day fewer in comparison with 5 months ago due to increasing sanctions such as the combined impact of US sanctions against Tehran, a full EU embargo on the country's crude exports and a de facto global ban on maritime insurance for Iranian oil supertankers.

Iraq has signed many contracts in the last 4 years and it is the country's policy to sign more oil contracts with foreign giants like Exxon Mobil, Royal Dutch Shell, BP, France's Total, Russia's Lukoil and China's CNPC to develop oil infrastructure and to reach targets. Iraq's new target is to produce 12 million barrels a day by 2017.

Source - AK News

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