Eni Wins License for Giant Iraqi Oil Field in First Round
Eni has been awarded the license for the development of the Zubair giant field in Iraq, following a successful first round bid. The license has been awarded to an Eni-led consortium (with Eni as Operator), consisting of the US Occidental Petroleum Corporation and Korea Gaz Corporation.
The Zubair field, one of the largest Iraqi oil fields, currently produces 195,000 barrels of oil per day. In the next seven years, under the field's expansion program, production is expected to reach a plateau level of 1.125 million barrels of oil per day.
Moreover, the project includes the drilling of more than 200 wells, the construction of treatment facilities and the required collection network, as well as the refurbishment of the existing plants.
The service contract will last 20 years and can be extended to 25. It also includes the participation of Iraqi State Company, Southern Oil, with a 25% share.
The award of the explorative licence for the Zubair field strengthens the long-term collaboration between Eni and Iraq, which dates back to the 1970s, and will allow Eni to further grow its production and reserves.
Eni is the leader in the Middle East region, where it operates in exploration, drilling, and in the engineering and construction sector.
Eni's participation in the consortium, consisting of the US Occidental Petroleum Corporation and Korea Gaz Corporation, is 40% with possible minor adjustments in the next days.
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