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

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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 2014 Thomson Reuters. Click for Restrictions.

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