Iraq oil project needs $10b spend, says Eni

MILAN: Italian oil and gas group Eni SpA sees its Zubair oil project in Iraq requiring investments of about $10 billion, its chief executive said.

A consortium of Eni, South Korea's Kogas and US group Occidental said it won a contract to develop the Zubair field, an award which the FT said is still subject to Iraq cabinet approval.

"Zubair is one of the most important oil fields in the world. It is one of the very few that is capable of producing more than 1 million barrels a day," Paolo Scaroni told the FT.