Eni, Oxy & Kogas seal Iraq deal

Hand shake

The consortium, consisting of the Italian oil and gas company Eni, exploration and production firm Occidental Petroleum (Oxy) and South Korea's Kogas, has pledged $20 billion over the life of the 20-year technical service contract, in order to redevelop the Zubair field, located near Basra in southern Iraq, according to an official statement by Eni.

The contract could be extended by five more years.

Eni owns 32.81% of the project, while Oxy owns 23.44%, Kogas 18.75% and Missan (25%). The group w