Nov 10 2009 |
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Iraq, Italy: Contract to explore Zubair oil field
A consortium led by Italian energy giant ENI has initialled a contract with the Iraqi government to explore the Zubair oilfield in Southern Iraq, an Oil Ministry spokesman said last Monday."Yes, it was initialled today and it will go to the cabinet to be approved in the next few days", said spokesman Assem Jihad, adding that the contract was initialled by Abdelmahdi al-Ameedi, deputy director-general of the ministry's Contracting and Licensing Department, and added that Oil Minister Hussein al-Shahristani was also present.
The ENI -led consortium, which also includes Occidental Petroleum Corporation of the United States and Korea Gas Corporation of South Korea, reached agreement on terms last month.
It accepted Baghdad's offer of two dollars for each extra barrel of oil it extracts on top of current production at Zubair.
The field produces around 195,000 barrels per day (BPD), according to ENI which expects production to increase to 1.13 million BPD by 2016.
Zubair has reserves of around four billion barrels, the Oil Ministry said earlier this year.
Around 85 percent of Iraqi government revenues are from oil sales. The country has the world's third-largest proven reserves of oil with more than 115 billion barrels, behind only Saudi Arabia and Iran.
Investment in the country's ageing energy infrastructure has been hampered by delays to a key hydrocarbons law which would regulate the oil sector and divide responsibility between the central government and Iraq's provinces.
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