IOC Oil Deals Close To Completion

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The Iraqi oil ministry claims that talks with international oil companies (IOCs) over oil field development projects are close to completion, with the hydrocarbons-rich Gulf state at an advanced stage of negotiation. Agreements for the development of five important oil field projects will be signed in a matter of weeks, according to oil ministry spokesman Asim Jihad in a telephone interview. The deals are expected to provide at least 500,000 barrels per day (b/d) of additional oil production for the country