The South Oil Company (SOC) has officially taken over the stake in the Zubair oil field formerly held by US-based Occidental Petroleum, which has withdrawn from the project.
Repressentatives of Italy’s Eni and the Korea Gas Corporation (KOGAS) signed the agreement along with the Ministry of Oil.
Mr. Laith Al-Shaher, the director general of the legal directorate in the ministry, said that output at the field has increased from 150,000 bpd in 2010 to 400,000 bpd today. There are plans to increase this to 450,000 bpd next year.
He said that Occidental was pulling out of all projects in the Middle East because of the global financial crisis and the oil prices drop.
Mr. Ahmed Fadhil, the deputy director general of SOC said his company entered the consortium with a share of 29.95 percent.