Iraq awarded the biggest oil development’right to Italian
Iraq has granted to the Italian oil group Eni SpA (Eni) developed by a consortium led by Zubair (Zubair) giant oil field rights. This shows that in the implementation of the nationalization of the oil industry for 40 years, Iraq hope to attract more investment in large-scale international oil companies go to Iraq.
According to British “Financial Times” reported on the 14th, on the 13th of this ground-breaking deal still needs approval by the Iraqi cabinet. Prior to that, because of an auction held in June failed, Iraq presented a more attractive conditions. The transaction may be in the country attract more foreign investment, Iraq possesses the world’s third-largest oil reserves.
Since 40 years ago, Iraq nationalized the oil industry, the Eni and its minority partners – South Korea Gas Corporation (Kogas) and U.S. Occidental Petroleum (Occidental Petroleum) – is entering the second international oil companies in Iraq consortium.
• Eni CEO Paolo Scaroni (Paolo Scaroni) to the British “Financial Times” said: “Zubair is the world’s most important oil field is one of the few able to 1 million barrels of daily output of more than one of the largest oil field . Because we have to go to Iraq, which means that we do not do anything else. ”
Scaroni said ENI commitments, seven years, will the field from 20 million barrels per day to 1.125 million barrels a day, this project needs about 10 billion U.S. dollars of investment.
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