Iraq and China's National Petroleum Corporation jointly launched the inauguration ceremony for the Halfaya oil field in the southern Maysan province on Wednesday.

Iraq's Deputy Prime Minister Hussein Al-Shahristani, the Oil Minister Abdul Kareem Luaibi and the Chinese ambassador Ni Jian participated in the ceremony.

The field will produce 70,000 barrels of oil a day and five million metric tons per year.

Foreign investment is crucial for war-weary Iraq to develop its oil-rich land. Oil revenues make up nearly 95 percent of the Iraqi government's annual budget.