Iraqi authorities have invited a number of major international oil companies to drill for oil in the Rumaila field, while regional policymakers in the Najaf province have also penned a production deal with a consortium of Korean companies.

The new deals this month will help to boost the pace of development of Iraq's vast oil reserves, which are the fourth largest in the world after Saudi Arabia, Canada and Iran.

With a new invitation for tenders on the Rumaila field sent out, Halliburton revealed that it is in the place of training staff to support operations in the region.

"Assisting in the development of Iraq's oil and gas production potential will be a significant challenge and opportunity for our company and our industry," said Halliburton spokeswoman Cathy Mann, speaking to Reuters.

The Najaf deal meanwhile is expected to boost production in the province by around 400,000 barrels a day, bringing $400 million a year to the local economy.

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