Eni discusses future investment opportunities in Iraq

25328365514 d75210944c zThamir A. Al Ghadhban, the deputy prime minister of Iraq, and Eni CEO Claudio Descalzi met in Baghdad

In view of the recent achievements of the Zubair field development, Eni’s CEO outlined the company’s current activities in the country.

The project, carried out by Eni Iraq B.V with Basra Oil Company (BOC), has marked the rapid development of one of the largest oil fields produced in the Basra region of southern Iraq with more than 1bn bbl of oil produced since the contract was signed.

Eni’s CEO and the deputy prime minister for energy affair also discussed future investment opportunities and the progress of social projects currently underway in the Basra Governorate in the areas of healthcare, education, access to energy and clean drinking water.

The CEO highlighted potential synergies related to energy projects in Iraq, a strategic lever for the country in maximising its use of national natural resources.

Eni is one of the country’s largest international upstream oil and gas players, where it currently produces approximately 500,000 boepd and is planning to invest an additional US$7bn in the Zubair field development project.

Over the past four years, Zubair oil production has grown by more than 100 per cent and a new 380 MW power plant that will generate power for domestic consumption is in the commissioning phase with planned start-up this summer.

Eni has been present in Iraq since 2009 through its subsidiary Eni Iraq B.V., and with the Zubair Field Development Project (Eni 41.56 per cent, Kogas 23.75 per cent, BOC 29.69, State Partner 5 per cent) the company has become one of Iraq’s leading oil operators.

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