China National Petroleum Corp's drilling subsidiary has been awarded an engineering, procurement, and construction contract worth 1.4 billion yuan ($194 million) to drill wells in Iraq's Rumaila oilfield.

The current exchange rate for $1 is 7.2310 Chinese yuan renminbi.

According to CNPC Daqing Drilling Engineering Co's official WeChat account, this is the company's largest overseas Contract in the past five years.

As part of CNP C's 20-year contract with Baghdad to develop the giant oilfield, Daqing Drilling

began drilling wells in the Rumaila oilfield in 2010.

An Iraqi state oil official said last November that the country plans to increase its oil production capacity to 7 million barrels per day by 2027.

The saying that Iraq is floating on oil is becoming more obvious each week.  This latest contract for drilling points to more undiscovered oil in the region.