As part of a series of international licensing rounds, the 20-year deal was finalized in 2010, with companies Eni (32.81%), Occidental Petroleum (23.44%) and Korea Gas Corporation (18.75%) holding stakes in the venture.

[7] In 2009, as part of the second round of post-war oilfield bidding held by the Iraqi government, South Oil (25%) awarded a major contract to CNPC (37.5%), Total (18.75%), and Petronas (18.75%) to develop the major Halfaya oilfield.

After the deal was completed, MOC took over operations and ownership from South Oil, and the final 20-year contract was signed in January 2012.

[10] Managing Director Ali Muarij was reported to have been removed from the post in June 2011 after being charged with bad administration and failure to achieve higher oil production results during his tenure.

[13] The Maysan Oil Company (MOC) is responsible for fields in the Maysan province which include six producing fields (Bazergan, Abu-Gharb, Fakka and Halfaya), as well as Majnoon, which it operates in partnership with the South Oil Company.