(MENAFN) The Iraqi cabinet announced that it has endorsed an oilfield service contract valued at USD879 million with Samsung Engineering, reported The Peninsula.
The South Korean firm will be in charge of establishing a facility to help process crude from the Badra oilfield, located near Iran's border.
In 2017, the field's production is expected to reach 170,000 barrels per day (bpd).
Several international firms will develop the field, including Russia's Gazprom's oil unit Gazprom Neft, Turkey's TPAO, South Korea's KOGAS and Malaysia's Petronas.
The field is estimated to hold reserves of 100 million barrels.
It is worth noting that Gazprom Neft forecasts to begin commercial output of 15,000 (bpd) in August.
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