Iraq Approves S.Korea's Daewoo $588.8M Oilfield Contract
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)
WHAT DO YOU THINK?
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.
- Woodside Discovers Gas at Thalin-1A Well Offshore Myanmar (Feb 12)
- Deep-Sea Plan Fails, Leaving Korean Shipyards Struggling (Jul 27)
- Daewoo Names New Chief After Ex-CEO Quits Over Myanmar Gas Sale Spat (Jun 17)