Irish based oil company Petrel Resources confirmed today that it has signed a contract with the Iraq Ministry worth almost $200m.
The company will increase production at the Subba and Luhais oil field from under 50,000 barrels of oil to over 200,000 barrels of oil daily and 120 million cubic feet of gas daily.
In a statement today Petrel said that initial work is mainly engineering design and that site surveys will begin in early 2006.
