Iraq Plans Oilfield Contract Award to Koreans

By John Lee.

Businessweek reports that Iraq plans to award contracts at the Zubair oil field the the Korean companies Samsung Engineering, Hyundai Heavy Industries, and Daewoo Engineering & Construction.

Oil minister Abdul Kareem Luaibi [Elaibi] (pictured) has told reporters:

We are in the last stages in attributing the project entirely to three Korean companies … This matter will be completed in less than two weeks.

The Zubair project will cost more than $3 billion, he said, without indicating whether it was the sum that the three companies would get, or how much each would receive.

Italy’s 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.

In July, Eni signed a deal revising its contract, and setting a new target for 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.

(Source: Businessweek)

6 Responses to Iraq Plans Oilfield Contract Award to Koreans

  1. Ahamed September 30, 2013 at 9:23 am #

    Any further update after 13th Sep 2013? its already two weeks.