The Iraqi government announced that Schlumberger, the world’s largest oil services company, has won a $480 million agreement to drill 96 oil wells for Iraq’s Basra Oil Company and Exxon Mobil in southern Iraq.

Iraq plans to increase the production capacity of the West Qurna-1 oil field operated by ExxonMobil. The oil field is one of the largest in the world, with an estimated recoverable reserves of more than 20 billion barrels.

Given that Iraq is OPEC's second-largest oil producer, and 95% of its oil exports are almost the entire source of its national budget, the development of the oil industry has always been a top priority.

In 2018, Iraq and Schlumberger reached an agreement to drill 40 oil wells in the Majnoon oil field. The company also signed a 42-month integrated drilling service contract with 30 wells in the West Qurna oil field in Iraq.