2010-01-22
Oil Ministry signed a contract with the Zubair field development consortium led by Italy
Oil Ministry signed a contract with the Zubair field development consortium led by Italy
BAGHDAD (Iba) .. Iraq on Friday signed an agreement with the coalition led by Italy's ENI to develop the field-Zubayr, south of the country's reserves, which amount to four billion barrels.
Aimed at Eni and its partners Occidental Petroleum of the USA and South Korea's Gas Company (Kogas) increase in the production field to 1.2 million bpd within the next seven years, instead of about 230 thousand barrels per day currently, and will get the coalition on two dollars per barrel under the contract, which runs twenty years.
Kogas company said it will invest 6.5 billion dollars in developing the field, has not been awarded the contract for Zubair fields in the beginning, during the auction, which was conducted in June, but agreement was reached during the subsequent negotiations.
The package field-Zubayr, one of a series of contracts concluded by Iraq last year that would make it at the forefront of the oil producing countries according to Oil Minister Hussain al-Shahristani.
And Iraq had signed a final contract with Royal Dac Alongluholndep Shell and Petronas of Malaysia to exploit the Majnoon field, which is one of the largest oil fields in the world.
The total reserves, Majnoon field, located in the province of Basra 12.6 billion barrels, and the two companies promised to raise the field's daily production to 1.8 million barrels of fifty thousand barrels only now.
As the Oil Ministry signed a final contract with the Malaysian company Petronas Company and the Japan Petroleum Exploration (JAPEX) to develop the oil field Graf smaller.
The Oil Ministry said it was about to sign up with a consortium led by Exxon Mobil oil agreement in the final 25 of this month to develop the first phase of West Qurna field, which is estimated reserves by 8.7 billion barrels.
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