Jan 22 2010 |
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Iraq signs contract to develop al-Zubair oilfield with Italy's Eni
BAGHDAD: Iraqi Oil Ministry signed on Friday the final contract to develop the giant al-Zubair oilfield in Basra with a consortium led by Italian energy giant Eni SpA. Eni and its partners won the right to develop the 4 billion barrel oil field last year following the country's first postwar licensing auction held in June.Under the terms of the deal, Eni , Italy's biggest energy company by market value, and its partners will be paid $2 for each extra barrel of oil they extract on top of current production at the field, but will be liable for a 35% tax on profits.
Eni has said the development of the field would require investment of about $10 billion in the first six years to raise output to 1.125 million barrels a day from 195,000 barrels a day at present.
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