Zubair Deal Kicks in

Thursday 18th February was the effective date of the deal to develop the 4 billion barrel Zubair oilfield, west of Basra, according to a report from Reuters.

The consortium that won the deal, consisting of Italian company Eni, US’s Occidental, and South Korea’s Kogas, is due to pay the $300 million signature bonus within 30 days of the effective date.

The 20-year contract, which can be extended to 25 years, has a target output for the field of 1.2 million barrels per day.

(Sources: Reuters, Upstreamonline.com)

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