Italian oil firm discusses investment in Zubair oilfield

BASRA / Aswar al-Iraq: Representatives of the Italian multinational oil and gas company, Eni, have met with Basra’s deputy governor to discuss the technical and legal procedures related to the investment in al-Zubair oilfield. “The meeting has also tackled the company’s ability to provide 10,000 job opportunities for Basra’s residents,” according to a statement released by Basra’s media department and received by IraqiNews.com news agency. The oilfield, whose current production is 195,000 barrels of oil per day, is expected to produce 1.125 million (bpd) within the coming years. Eni has recently signed an agreement with the Iraqi Ministry of Oil to develop the field, whose reserve is 4 billion barrels. Under the deal, a total of $35 billion U.S. dollars will be invested in the field within six years. The Shiite province of Basra lies 590 km south of the Iraqi capital Baghdad. SS (P) 1