Eni in Iraq, inks Zubair deal

Second of three June auction deals is signed with Italy's Eni as Iraq makes way for investment that could lead to 12 million bpd capacity.

BAGHDAD - 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.

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