Iraq approves deal to award Schlumberger $480m deal to drill oil wells

Iraq is OPEC’s second-largest producer. (File/AFP)

• Iraq relies on oil exports for nearly all its state revenue

CAIRO: The Iraqi cabinet on Tuesday approved a deal to award US company Schlumberger Ltd. a $480 million deal to drill 96 oil wells in the south, according to a statement.
Iraq, OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue.