By John Lee.
Eni has reportedly reached agreement with the Iraqi Ministry of Oil to cut the final production target at Zubair oil field to 850,000 bpd.
Iraqi Oil Minister Abdul Kareem Luaiby [Elaibi] told reporters that he has agreed to the drop from the original target of 1.25 million bpd, and that Eni has agreed to maintain the new level of production for 15 to 20 years.
Russia’s Lukoil had already struck a deal to reduce the target for West Qurna-2 to 1.2 million bpd, instead of the earlier-agreed 1.8 million bpd.
BP and Shell are also pursuing talks with the Iraqi oil ministry to reduce final production targets of the Rumaila and West Qurna-1 oil fields respectively.
(Source: Dow Jones)