Iraq finalizes oil drilling joint venture with Mesopotamia Petroleum

A deal has been finalized creating a joint venture between the Iraq Drilling Co. and the British Mesopotamia Petroleum Co.

It’s the first such joint venture in post-Saddam Iraq, and will likely be a template for future projects to bring foreign oil companies into the world’s third largest oil reserves.

The Iraq Oil Service Co. will be responsible for drilling at least 60 wells a year, with the country seeing a 120,000 barrels per day increase within the first year, Ahmed Rasheed repor…