The Iraqi government has awarded the first major new oil deal since the 2003 US invasion. On Tuesday, Iraqi officials announced a twenty-year agreement with the British oil giant BP and China’s state-owned oil company to develop the Rumaila oil field. It’s the first of several oil contracts Iraq expects to sign in the coming months. BP chief executive Tony Hayward praised the deal.

Tony Hayward: “We’re looking forward to working with our partners, CNPC and the Southern Oil Company, to take production in Rumaila from around one million barrels a day to 2.8 million barrels a day. And over the lifetime of the contract, we expect to invest around $15 billion. It’s a very significant undertaking for BP, and we’re very pleased to be here and participating.”