By John Lee.
Associated Press reports that the Italian oil company Eni has agreed to lower production targets at the Zubair oil field. It has also extending the length of the contract by five years.
Eni says that the deal signed on Monday in Baghdad sets a new target at the field of 850,000 barrels of oil per day (bpd) through 2035. The original 20-year deal signed in 2010 called for 1.2 million bpd.
Eni is the lead partner on the 4.1 billion barrel field with a 32.81 percent stake; Iraq’s Missan Oil Company holds 25 percent, Occidental Petroleum Corp 23.44 percent, and South Korea’s KOGAS 18.75 percent.
(Source: Associated Press)