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ENERGY FUNDAMENTALS News & Analysis>
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| Eni Accepted $2/Bbl Fee At Zubair Field As Iraq Govt Cut Taxes |
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Thursday, Oct 29, 2009
ROME (Dow Jones)--Eni SpA (E), Italy's biggest energy company by market value, accepted a $2 a barrel fee at the large Iraqi Zubair oil field after the government sweetened the terms by reducing taxes, said a top executive Thursday.
Eni accepted the lower fee, which was less than half its original request, after the Iraqi government agreed to reduce its taxes by levying only "profit oil," said Claudio Descalzi, head of the exploration and production division, at a conference call to comment third-quarter results.
The new fiscal arrangement corresponds to the $4.8 a barrel fee Eni had asked for a few months ago, said Descalzi.
Company Web site: http://www.eni.it
-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com
(END) Dow Jones Newswires
29-10-09 1520GMT
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