ENI Increases Commitment to Iraq

Italian energy company ENI, operator of Iraq's giant Zubair oil field, said it was interested in more operations in the country after talks with Baghdad leaders.

ENI's Chief Executive Officer, Paolo Scaroni, accompanied by the company's E&P COO, Claudio Descalzi, met with Iraqi Prime Minister Nouri al-Maliki in Baghdad to discuss the redevelopment of Zubair through a $20 billion investment over the company's 20-year contract.

Eni said production at Zubair would reach 1.2 million barrels per day at full capacity. Production at the field last year increased from 183,000 bpd to more than 201,000 bpd, which the company said was the minimum needed to trigger cost recovery.

"Maliki expressed his satisfaction with the activities carried out by Eni in Iraq and called for a greater presence of the company in the country," the company said in a statement.

Scaroni also said that his company was interested in participating in the upcoming fourth round of energy licences for development of the Nassiriya field.

(Sources: UPI, ENI)

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