Iraq Approves S.Korea's Daewoo $588.8M Oilfield Contract

Reuters

BAGHDAD, April 15 (Reuters) - Iraq's cabinet approved Tuesday an $588.8 million oilfield service contract with South Korea's Daewoo Engineering & Construction (047040.KS) for the development of the Zubair oil field, the cabinet said in a statement.

Under the contract, Daewoo E&C will handle engineering, procurement and construction work for a gas separation facility at the giant Zubair oilfield in Iraq's south, whose output is forecast to reach 850,000 barrels of oil per day (bpd) in 2017.

Italy's ENI, U.S.-based Occidental Petroleum Corp and South Korea's KOGAS signed a 20-year deal with Iraq in 2010 to develop Zubair, whose production is currently at 320,000 barrels per day (bpd).

(Reporting by Ahmed Rasheed, editing by Ned Parker)

Copyright 2015 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Civil Designer
Expertise: CAD / CAM|Drafting
Location: Denver, CO
 
Coiled Tubing/Coiled Pipes Inspector - Houston, TX
Expertise: Coil Tubing|Pipe Inspection / NDT|QA / QC / Inspection
Location: Houston, TX
 
Automation Technician
Expertise: Field Comm / SCADA|Field Service Tech|Process Control
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $49.56/BBL 8.47%
Light Crude Oil : $45.41/BBL 7.70%
Natural Gas : $2.7/MMBtu 0.40%
Updated in last 24 hours