Wednesday, 8 December 2010

Zubair field hits peak output target

Eni has said that production in Iraq's Zubair field has reached its peak output target of 1.2 million b/d. The field, which is already profitable, is divvied up between Missan Oil Company (25%), Eni (32.81%) Occidental Petroleum (23.44%) and Kogas (18.75%).

According to Eni output at Zubair has reached 201,000 b/d, showing a 9.8 per cent rise from when the service contract commenced on 18th February 2010. Zubair, one of the biggest oil fields in Iraq, is located near Basra in the south of the country.

"The consortium's contract cost recovery commences, with the group earning a remuneration fee of $2 per barrel on incremental production," said Eni in a statement.

For more news and expert analysis about Iraq, please see Iraq Focus.

© 2010 Menas Associates

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