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.