Iraq’s Zubair oilfield to reach peak output target by 2017
15 Sep 2011
(MENAFN) Eni, the Italian oil firm said that by the start of 2017, Iraq’s Zubair oilfield would reach its maximum output target of 1.2 million barrels per day (bpd), reported Arab News.
The company, which is the operator of Zubair, added in its development plan that the Italian firm along with other companies including Iraq’s Missan Oil Company, Occidental Petroleum, South Korea’s Korea Gas Corp, would upgrade the oilfield with USD18 billion.
It also said that output expectations for the oilfield were 300,000 bpd at the end of this year, 400,000 bpd at the start of 2013, 600,000 bpd at the start of 2014, 800,000 bpd in 2015 and 1 million bpd by the start of 2016.
It is worth noting that this year, Eni plans to spend USD2.8 billion on the oilfield, whereas next year it will spend USD4.9 billion, in 2013 USD3.9 billion and nearly the same in 2014, while it will spend USD3.1 billion in 2015.