Daewoo Wins $589m Gas Separation Contract

By John Lee.

Iraq’s cabinet has approved an $589 million oilfield service contract with South Korea’s Daewoo Engineering & Construction.

The contract, approved on Tuesday, is for the engineering, procurement and construction of a gas separation facility at the Zubair oilfield.

Production at the field is planned to increase from the current 320,000 barrels per day (bpd) to 850,000 bpd by 2017.

The development of the Zubair Field is led by Eni (32.8%) with Occidental Petroleum Corporation (23.4%), Korea Gas Corporation (KOGAS) (18.8%) and Iraq’s state-run Missan Oil Company (25%).

(Source: Reuters)

(Picture: Youngsik Park, CEO, Daewoo Engineering and Construction)

One Response to Daewoo Wins $589m Gas Separation Contract

  1. J April 18, 2014 at 9:05 pm #

    Thats a nice pocket full of change. Mr. Park sure seems pretty happy in the picture.