After a seven month delay, Iraq has signed a contract to develop the 4 billion barrel Zubair field with Italy’s Eni, American Occidental Petroleum, and the Korean Gas Corp.
Zubair will reach 1.125 million barrels per day (bpd) within seven years, up from less than 200,000 bpd now. The companies will earn cost recovery and a $2 per barrel remuneration fee.
The oil field was offered in an auction June 30, but none of the bidders would agree to the ministry’s remuneration fee. Months later di…
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