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05/12/2010, CET 14:10

Eni achieves key production milestone in the Zubair field, in Iraq

The Zubair field production rate has increased from approximately 183,000 barrels of oil per day, the initial production rate on the TSC effective date of 18 February 2010, to a sustained rate of appreciably over 201,000 barrels of oil per day (the minimum required production rate to trigger cost recovery)

 




San Donato Milanese (Milan), 5 December 2010 - Eni has achieved the first production milestone under the Zubair Technical Service Contract (TSC) with Iraq's state-owned South Oil Company (SOC). Eni, with a 32.81% share, is the lead contractor of the consortium formed for the redevelopment of the Zubair field, near Basra in southern Iraq. Other partners are the Iraqi Missan Oil Company (25%), Occidental Petroleum Corporation (Oxy, 23.44%) and Korea Gas Corporation (Kogas, 18.75%).

The Zubair field production rate has increased from approximately 183,000 barrels of oil per day, the initial production rate on the TSC effective date of 18 February 2010, to a sustained rate of appreciably over 201,000 barrels of oil per day (the minimum required production rate to trigger cost recovery). With this successful increase in production, the consortium's contract cost recovery commences, with the group additionally earning a Remuneration Fee of $2 per barrel on incremental oil production.

This increase in production is the result of the close cooperation and coordination between the Zubair Field Operating Division (ZFOD), which has been formed by the consortium in cooperation with SOC to operate the Zubair field. ZFOD is staffed mainly by employees from South Oil Company with expert support from the consortium.

The consortium plans to increase production from the Zubair field to 1.2 million barrels of oil a day, representing an increase of nearly 1 million barrels of oil per day. Target production is expected to be progressively reached within the next six years and maintained for seven years thereafter.

 

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Last updated on 05/12/10 at 14:10