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Iraqi Prime Minister Nouri al-Maliki

On Tuesday Iraq’s cabinet approved two major contracts for its Rumaila oil field project.

The combined value of the projects is around $960.8 million.

Petrofac won a $535.8 million contract for project management services for Rumaila.

China Petroleum Engineering & Construction Corporation (CPECC) won a $425 million service contract to handle engineering, procurement, construction, and commissioning for a power station at the oil field. .

The field pumps 3 million bpd, around a third of the countries daily output.

Rumaila holds around 17 billion barrels in reserves.