Eni has signed an agreement with South Oil Company and Iraq’s Federal Oil Ministry to lower the production target and extend its technical service contract by an additional five years for the Zubair oilfield
This new production target has been set at 850,000 bpd with the duration of the service contract extended to 2035, the Italian oil and gas company said.
The initial 20-year contract, reportedly one of the largest oilfields in the country and located near Basra, was awarded in 2010 as a result of Iraq’s first bidding round with a production target of 1.2mn bpd.
Eni is the main contractor developing the 4.1bn oil barrel Zubair oilfield, as part of a consortium that includes US-based Occidental Petroleum, Korea’s KOGAS and Missan Oil Company.
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