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KOGAS Announces Profit on Iraq's Zubair Oil Field

In addition to KOGAS, Italian Oil Operator ENI and American OCCIDENTAL PETROLEUM have all signed a twenty-year contract with the Government of Iraq

Korean oil giant, KOGAS, has announced the company has made US$2.53 billion from their investment in Zubair field in southern Iraq after their initial US$2.49 billion dollar outlay for the Iraqi oil exploration project. In addition to KOGAS, Italian Oil Operator ENI and American OCCIDENTAL PETROLEUM have all signed a twenty-year contract with the Government of Iraq to develop Zubair field which will also include the development of 200 new oil wells, associated storage facilities and extensive renovation of already existing facilities. Zubair oil field already produces 360,000 bpd. 

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