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Eni agrees to Cut Zubair oil field production target to 850 Mbpd

BY MANUELA MESCO

MILAN -- Eni said it agreed with the Iraqi ministry of oil and Iraq' s State run South Oil to lower the production target for the Zubair oil field in southern Iraq to 850 Mbpd.

When the service contract was firstly awarded in 2010, the production plateau target was set at 1.2 MMbopd.

Eni said in a statement that it also agreed to extend the duration of its contract for an additional five years, until 2035. Officials from Eni, South Oil Co. and the oil ministry have been in talks for the past few months to lower the target.

Logistical bottlenecks, weak infrastructure, including lack of water injection systems used to drive more oil out of reservoirs, and delays in approving subcontracts by the government have eroded the original ambitious production targets.

Eni is the lead contractor for the Zubair oil plant, within a consortium that includes Occidental Petroleum Corporation, Korea Gas Corporation and Missan Oil Company.

Dow Jones Newswires

07/16/2013

 

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