According to Norway "upstream" online reports on March 2, Baghdad, Iraq's oil minister hussein stanishev said here today in the shah, the Iraqi government's cabinet is expected in the next few days approved a previously with China's third largest oil company China national offshore oil corporation (CNOOC of China/CNOOC) agreed to develop with 2.5 billion barrels of oil reserves maysan oilfield group contract.

      A group comprising CNOOC and Sinochem failed to win the Misan field in the first round of oil contract bidding in Iraq last year. CNOOC later decided to accept the Iraqi government's proposed payment of $2.30 per barrel of excess oil.

      The contract will be one of a series of oil contracts signed by Iraq that the government hopes will boost production from 2.5 million barrels a day to 12 million barrels a day.