Under the 28-month contract, Zhongman Petroleum and Natural Gas will drill 66 production oil wells at West Qurna Two, operated by Russia's Lukoil, the statement said.

The current production capacity of the West Qurna / 2 is more than 400 thousand barrels per day, but actual production is less than 350 thousand barrels per day.

Ranked as one of the largest oil fields in the world, West Qurna Two, where Lukoil holds a 75-percent stake, is one of several big fields under development which are set to boost Iraq's economy.