The Iraqi Ministry of Oil announced a significant oil field discovery in Najaf province, estimated to hold over 8.8 billion barrels of crude oil. The Qurnain block, located near the Saudi border, is set for development with a contract signed on October 17, 2024. Initial drilling at the Shams-11 well indicates a production capacity of 3,248 barrels per day. The Chinese company ZhenHua Oil is involved in the exploration and development, aiming for rapid commercial production. Iraq faces challenges in oil exports due to regional conflicts, with a notable decline in export revenues.