Iraq signs major oil deal with U.S., Italian firms
BAGHDAD — Iraq has signed a crude oil deal worth more than $26
Iraq's Oil Ministry has signed a deal with Italy's Eni and the U.S. firm
Occidental Petroleum to enhance the Zubair oil field, with an estimated
reserve of 4.2 billion barrels.
Under the agreement, Eni and Occidental would spend about $1 billion annually for the next 20 years to increase
production at Zubair by one million barrels per day.
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"They will start working to create a development plan and rates of
production and investment," Iraqi Oil Minister Hussain Al Shahristani said
on Jan. 22.
Under the deal Eni and Occidental would join South Korea's Korea Gas
Corp. to develop Zubair, with a current oil production of 200,000 barrels
per day. Eni was expected to spend $11.4 billion in the project to bolster
Zubair's output to 1.2 million barrels per day. Korea Gas said it would
invest $6.5 billion, and Occidental was expected to contribute more than $8