Petrel was awarded a three-year development service contract for two oil fields in southern Iraq. The company is hoping to boost oil production there from50,000 barrels a day to 200,000.
“This is a huge deal,” said David Horgan, Petrel's managing director. “We will be producing more oil per day than Ireland's consumption.”
Horgan said the deal would see Petrel expand its operations in Iraq from 12 people to several hundred.
