BAGHDAD: Iraq’s cabinet approved yesterday an $588.8m oilfield service contract with South Korea’s Daewoo Engineering & Construction for the development of the Zubair oil field, the cabinet said in a statement.
Under the contract, Daewoo E&C will handle engineering, procurement and construction work for a gas separation facility at the giant Zubair oilfield in Iraq’s south, whose output is forecast to reach 850,000 barrels of oil per day in 2017.
Italy’s ENI, US-based Occidental Petroleum Corp and South Korea’s KOGAS signed a 20-year deal with Iraq in 2010 to develop Zubair, whose production is currently at 320,000bpd. Reuters
