By Patrick Schmidt.
On Monday, Korea Gas Corporation (KOGAS) announced that it will invest $4.9 billion in the Zubair oil field project.
The investment will help establish the facilities needed to launch the project and help Zubair reach its potential of over 800,000 barrel per day production. KOGAS have a 23% stake in the Zubair field, while other stakeholders include Italy’s ENI and US firm Occidental Petroleum.
Zubair remains one of the key oil fields in the south of Iraq, located far from the violence in the centre and north of the country. A spokesman from KOGAS noted,
“The turmoil in Iraq is occurring in northwestern Iraq, which is located a considerable distance from the Zubair field, so it has not disrupted our output.’’
(Source: Reuters)