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Eni secures license to develop Zubair field in Iraq

Wed. October 14, 2009; Posted: 09:39 AM
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Oct 14, 2009 (Datamonitor via COMTEX) -- OXY | Quote | Chart | News | PowerRating -- Italian energy firm Eni has secured the license for the development of the Zubair field in Iraq, following a successful first round bid. The license has been awarded to an Eni-led consortium, with Eni as operator, consisting of Occidental Petroleum and Korea Gas.

The Zubair field currently produces 195,000 barrels of oil per day. In the next seven years, under the field's expansion program, production is expected to reach a plateau level of 1.125 million barrels of oil per day.

Moreover, the project includes the drilling of more than 200 wells, the construction of treatment facilities and the required collection network, as well as the refurbishment of the existing plants.

The service contract will last 20 years and can be extended to 25. It also includes the participation of Iraqi state company, Southern Oil, with a 25% share.

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