Iraq and China Sign Agreement for Tuba Oilfield Expansion

Iraq has made a big deal with Chinese companies to make more oil. The country signed a contract with Geo-Jade Petroleum Corp and Basra Crescent to work on the Tuba oil field.

Right now, this oil field makes 20,000 barrels of oil every day. The new project will help it make five times more - up to 100,000 barrels daily.

The project isn't just about getting more oil out of the ground. The companies will also build a big oil refinery that can handle 200,000 barrels. They'll add a plant that makes chemicals and another one that makes fertilizer for farming.

Iraq's Oil Minister called this project a "leap forward" for the country's oil business. The Chinese company, Geo-Jade Petroleum, plans to spend about $848 million on this work.

This isn't the first time Geo-Jade has worked in Iraq. Last year, they won contracts to develop two other oil and gas fields in the country.

Iraq makes a lot of oil and is the second-biggest oil producer in OPEC+, which is a group of countries that work together to control oil prices worldwide.