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Italys Eni boosts production in Iraqi oil field
AP - Sun Dec 05, 6:39AM CST
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E - Eni S.P.A.

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BAGHDAD (AP) — A consortium led by Italy's Eni SpA says it has achieved a 10 percent increase in output from one of Iraq's most promising southern fields.

Eni, Occidental Petroleum Corp. and South Korea's KOGAS said in a statement Sunday that current production from the Zubair field stands at 201,000 barrels per day. That's up from the 183,000 barrels per day production level in February when their deal to develop the field went into effect.

Zubair was one of 15 oil and gas fields awarded during three bidding rounds since last year.

Under the 20-year contract, the Eni-led consortium must boost production to 1.2 million barrels a day in seven years and sustain that level for another seven years.

Oil sales make up 95 percent of the country's annual budget.

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