April 25, 2024

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[THE INVESTOR] Korea‘s state-run Korea Gas Corp. said on Dec. 12 it has recouped its US$2.49 billion investment in an oil field exploration project in Iraq.

KOGAS Iraq -- a KOGAS subsidiary tasked with developing Zubair oil field in southern Iraq -- has recovered US$2.53 million as of December, which exceeds its initial outlay, the company said.

KOGAS, Italian oil and gas company Eni and US Occidental Petroleum Corp. signed a 20-year deal with Iraq in 2010 to develop Zubair. The oilfield currently pumps around 360,000 barrels of crude oil per day.

The project primarily involves the drilling of more than 200 wells, the construction of treatment and storage facilities and refurbishment of the existing facilities.

By Alex Lee and newswires (alexlee@heraldcorp.com)