A Korean company announced the recovery of its investments in Iraq’s oil fields


South Korea’s Kogas said on Tuesday it had recovered $ 2.49 billion in oil exploration in Iraq.
“South Korea’s Kogas, which is responsible for developing the Zubayr field in southern Iraq, recovered $ 2.53 billion in December, exceeding initial expenditures,” South Korea’s Yonhap news agency reported.
Kogas, Italy’s ENI and US Occidental Petroleum have signed a 20-year contract with the Iraqi government since 2010 to develop the Zubair oil field, where the field pumps about 360,000 barrels of crude oil per day.
The project also includes the drilling of 200 oil wells, the construction of treatment and storage facilities and the renovation of existing facilities.

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