Associated Press
11.10.09, 06:35 AM EST 
BAGHDAD — Iraq’s prime minister says his Cabinet has approved a deal with a consortium led by U.S.-based Exxon Mobil to develop a prized oil field in the country’s south.
The Exxon Mobil ( XOM – news – people )-Royal Dutch Shell ( RDSA – news – people ) group will develop the 8.6 billion West Qurna 1 field and received $1.90 per barrel produced. It plans to boost production from 280,000 barrels per day to 2.325 million barrels within seven years.
The Oil Ministry is expected to finalize the 20-year service deal soon.
Prime Minister Nouri al-Maliki also said Tuesday that his government is still discussing a second deal with a consortium led by Italy’s Eni to develop the 4.1 billion barrel Zubair field.
Copyright 2009 Associated Press. All rights reserved.
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