Russia's LUKoil and South Korea's Samsung have signed a deal worth some $1 billion to develop Iraq's West Qurna-2 oil field.
The deal is part of Iraqi efforts to get the field to produce some 1.8 million barrels of oil per day.
The West Qurna-2 field is estimated to hold some 12.9 billion barrels of oil.
The deal includes improving wells at the site and constructing infrastructure to extract and treat oil and water-intake equipment within a 29-month period.
A consortium led by LUKoil won the contract for the project in 2009.
Under the deal, consortium partners receive $1.15 for every barrel extracted at the site.
With AFP reporting