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Iraq has signed a contract with a consortium made up of China-based Geo-Jade Petroleum Corp. and Basra Crescent to expand the Tuba oil field in southern Basra, multiple media outlets reported. The agreement is aimed at increasing production from the field, currently producing 20,000 barrels per day, to 100,000 barrels per day.

According to statements from Iraqi Oil Minister Hayan Abdel-Ghani cited in media reports, the comprehensive project will also include the construction of a 200,000-barrel-capacity refinery, a petrochemical facility, and a fertilizer plant.

Geo-Jade Petroleum announced Friday that it will invest approximately $848 million in what it called the South Basra integrated project. The initiative marks another step in Iraq鈥檚 broader plan to boost its oil output and diversify its energy infrastructure.

The Chinese firm had previously won bids to develop Iraq鈥檚 Jabal Sanam oil field and the Zurbatiya oil and gas field, further strengthening its position in the country鈥檚 growing energy sector.

Iraq, a member of the Organization of the Petroleum Exporting Countries, is the second-largest producer in the OPEC+ group, which also includes Russia and other allied oil-producing nations.

The deal underscores China鈥檚 expanding footprint in the Middle East's energy landscape, as well as Iraq鈥檚 ongoing efforts to attract foreign investment to rebuild and modernize its energy infrastructure after years of conflict and underinvestment.

According to the several media reports, officials say the multi-faceted development project is expected to generate jobs, boost local economies, and enhance Iraq鈥檚 refining and petrochemical capacities, reducing the country's reliance on imported fuel and products.

The Tuba field, located in the oil-rich Basra region, is one of several key sites targeted in Iraq鈥檚 national strategy to increase crude output and downstream capabilities. The inclusion of petrochemical and fertilizer plants in the deal also signals an emphasis on vertical integration and value-added production within the sector.

The project is part of a broader trend of deepening energy ties between Iraq and China. In recent years, China has become one of Iraq鈥檚 top trading partners and a major player in its oil and gas industry through direct investment and infrastructure development.

The agreement is viewed as a strategic win for both sides: Iraq secures funding and technical expertise to advance its energy goals, while China strengthens its access to vital energy resources in a region of growing geopolitical importance.