The Iraqi oil ministry is also close to finalizing lower plateau targets for both the Rumaila and Majnoun oil fields with BP and Shell, respectively; though negotiations with ExxonMobil are ongoing for what will be a very large cut in the original target for West Qurna-1.

In the meantime, Iraq has made a major oil discovery at the Sindbad field with initial estimates of some 7bn barrels of oil in place. (CONTINUED - 1855 WORDS)