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Eni Reaches Key Production Target at Zubair Oil Field in Iraq

Dec. 5 (Bloomberg) -- Eni SpA has reached a key production target at its Zubair oil field in Iraq.

Production at the field near the city of Basra has increased to 201,000 barrels a day from 183,000 when Eni and its partners took over management of the field in February, the Rome-based company said in an e-mailed statement.

“With this successful increase in production, the consortium’s contract cost recovery commences, with the group additionally earning a remuneration fee of $2 per barrel on incremental oil production,” Eni said.

The Eni-led group plans to boost production at the field to 1.2 million barrels a day within six years and maintain that level for another seven years, according to the statement.

Eni controls almost 33 percent of the group managing the project, while Iraqi Missan Oil Co. owns 25 percent, Occidental Petroleum Corp. has 23 percent and Korea Gas Corp. holds almost 19 percent, Eni said.

To contact the reporter on this story: Andrew Davis in Rome at abdavis@bloomberg.net

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net

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