Iraq Ministry of Oil Signs an Agreement to Develop Zubair Oil Field

Source: www.gulfoilandgas.com 10/4/2016, Location: Middle East

The ministry of oil signed an associated operation agreement contract to develop the Zubair oil field, between the South Oil Company (SOC) and the consortium of Eni Italian Company & Kogas Korean Company after the withdrawal of Occidental American Company from the consortium.

Mr. Laith Al-Shaher the director general of the legal directorate in the ministry said that the ministry agreed with the consortium to enter (SOC) with them as an operator partner after the withdrawal of Occidental from the contract. And the private shares of each company in the consortium will remain without any changes.

Mr. Al-Shaher said that the work started in the oil field in 2010 while it was producing (150) thousand barrels/ day until it reached (400) thousand barrels/ day at the present time "thanks for the cooperation and the continuous work". He said also that the withdrawal of Occidental was not only from the mentioned field but from all the projects which it was supervising in the Middle East because of the global financial crisis and the oil prices drop.

Mr. Ahmed Fadhil the deputy director general of SOC said that the entrance of this company with the main operator consortium of field is a significant step and new attempt for the Iraqi companies and it might open new horizons in this field of work. He said also that his company entered the consortium with a share of (29.95%) after the withdrawal of Occidental.

Mr. Fadhil said also that SOC is going to participate in taking the operation decisions of the field which means that the Iraqi staff is going compete with the foreign partners to develop and invest the oil fields. He said that the hopes to raise the production of the field to (450) thousand barrels/ day in 2017.

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