Iraq signed the biggest oil contracts since the U.S. invasion in 2003

[Seaview]

Iraq signed the first agreement a major oil since the U.S. invasion in 2003 with the oil company British major (me. B) and (CNN.. Me. C) Chinese Tuesday as grabbed two companies contract to develop Rumaila one of the largest oil fields in the world.

The contract to develop Rumaila, which runs for twenty years, is the first of several decades is expected to be entered into by Iraq in the weeks and months ahead as he seeks to rise from the center atheist ten to the third-largest oil-exporting countries in the world.

And Rumaila, with an estimated oil reserves at 17 billion barrels is the cornerstone of the Iraqi oil sector, pumping about half the total production of 2.5 million barrels a day.

Iraq has the third largest reserves of crude oil in the world, but it failed to increase oil production dramatically after decades of war, sanctions and underinvestment.

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