Exxon Mobil Corporation XOM and Schlumberger Limited SLB have entered into an accord with Iraq’s state-run player Basrah Oil Co., said oil ministry of Iraq.The deal has been inked for drilling 96 wells in West Qurna 1 oilfield, with an aim to boost the field’s production capacity over the next five years by 200,000 barrel per day (Bbl/d). According to Karim Hattab, a deputy oil minister, out of more than 500,000 Bbl/d production capacity, the field is currently producing 380,000 Bbl/d of oil. Hattab added that 150 MMcf/d of associated gas is also being produced by the field.It is to be noted that ExxonMobil, the operator of West Qurna 1, is reportedly willing to divest its 32.7% interests in the field. The reasons behind the divestment motive are to utilize the proceeds for reducing debt l