Exxon Mobil Corporation XOM and Schlumberger Limited SLB have entered into an accord with Iraq’s state-run player Basrah Oil Co., said oil ministry of Iraq.

The deal has been inked for drilling 96 wells in West Qurna 1 oilfield, with an aim to boost the field’s production capacity over the next five years by 200,000 barrel per day (Bbl/d). According to Karim Hattab, a deputy oil minister, out of more than 500,000 Bbl/d production capacity, the field is currently producing 380,000 Bbl/d of oil. Hattab added that 150 MMcf/d of associated gas is also being produced by the field.

It is to be noted that ExxonMobil, the operator of West Qurna 1, is reportedly willing to divest its 32.7% interests in the field. The reasons behind the divestment motive are to utilize the proceeds for reducing debt load. Ihsan Ismaael – Iraq’s oil minister – said last month that the country is discussing with the leading integrated energy player to take over the stake in the field with expected recoverable reserves of more than 20 billion barrels.