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The Eni-led consortium that has agreed a deal with the Iraq oil ministry to develop the giant Zubair field in the Gulf state will spend around US$10 billion on its development according to the CEO of the Italian supermajor.
Paolo Scaroni told the UK newspaper the Financial Times that the consortium, that includes Occidental Petroleum from the US and the Korean Gaz Corp plans to use the money to increase output at Zubair to 1.125 million barrels per day (bpd) from 200,000 bpd within seven years.
“Zubair is one of the most important oil fields in the world. It is one of the very few that is capable of producing more than 1 million barrels per day,” Scaroni is quoted by the Financial Times as saying.
“Because we are going to Iraq it means we will not be doing other things,” he added.
The Zubair field, one of the largest Iraqi oil fields, and has a current production rate of 195,000 barrels of oil per day.
The project will include the drilling of over 200 wells, the construction of treatment facilities and the required collection network, as well as the refurbishment of the existing plants.
