14 Dec 2011
(MENAFN) Korea Gas Corp. (KOGAS) Iraqi government agreed to provide the company an additional 500,000 barrels of crude oil from an Iraqi oil field in exchange for its investment in the project, Yonhap News Agency reported
The state run KOGAS said that its American partner Occidental Petroleum Corp. will also get 500,000 barrels of crude from the Zubair oil field in southern Iraq.
KOGAS received 410,000 barrels in July, while Occidental received 590,000 barrels, the report said. The second batch of crude oil is expected to be made during the first half of next year.
KOGAS holds an 18.75 percent stake in the Zubair oil field. In addition to Occidental, the project is also shared by the Iraqi state-run Missan Oil Co. and Eni SpA.
The Zubair oil field is expected to produce up to 6.4 billion barrels of crude oil over 20 years.
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