S. Korea's state-run gas firm signs deal with Iraq to develop oil field

SEOUL, Jan. 23 (Yonhap) -- Korea Gas Corp. and its global business partners have
signed a contract to develop an oil field in Iraq for the next two decades,
company officials said Saturday.

The deal signed between an international consortium led by an Italian company and
the Iraqi government on Friday calls for the development of the oil field in
Zubair, in the southern part of the Middle Eastern country. The South Korean
company said that it owns a 18.75 percent stake in the consortium.
The Zubair field is estimated to have 6.3 billion barrel of crude oil, with daily
production reaching 195,000 barrels. Through the deal, the state-run Korean firm
said it has secured around 200 million barrels over the next two decades.
kokobj@yna.co.kr
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