Iraqi oil revenues dipped in February on slightly lower oil prices despite the highest level of exports in 20 years, the oil ministry said on Tuesday.

"Revenue was 4.229 billion dollars, based on an average price of 73.4 dollars per barrel and exports of 57.9 million barrels," ministry spokesman Assem Jihad told AFP.

Iraq had revenues of 4.44 billion dollars in January, based on oil prices of 73.97 dollars per barrel.

Jihad said 45.2 million barrels were shipped from the southern terminal of Basra in February, while the remaining 12.7 million barrels were exported from the country's northern fields in Kirkuk.

The oil ministry said at the beginning of March that exports in February had reached 2.069 million barrels per day, the highest level since Saddam Hussein's invasion of Kuwait two decades ago.

With an estimated 115 billion barrels, Iraq has the world's third largest proven oil reserves behind only Saudi Arabia and Iran. Its oil revenues account for around 85 percent of government income.

Since November, Baghdad has signed contracts with foreign firms to develop 10 oil fields around the country, with the aim of raising its output, currently at 2.4 million bpd, to between 10 and 12 million bpd.