Eni announced this week that it plans to invest an ‘additional’ $7bn at its 500,000 b/d Zubair field (Eni 41.56%, Kogas 23.75%, Basra Oil Company 29.69%, Missan Oil Company 5%). The firm failed to give a timeframe for the spending.
Of note, the announcement stated that the Italian firm’s output stands at 500,000 boe/d. Within this, 486,000 b/d is liquids, putting it within touching distance of its end-2019 target of 500,000 b/d. Despite the huge volumes, Baghdad’s tight remuneration terms mean that Eni netted just 28,000 b/d liquids in 2018. (CONTINUED - 354 WORDS)