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The Korea Gas Corporation produces 500,000 barrels per day from a field in southern Iraq
Economy News _ Baghdad
The Korean Gas Corporation (Kogas) announced that its Kogas Iraq BV company, producing 500 thousand barrels per day from the Zubair oil field in Iraq.
The market value of the 500,000 barrels per day (bpd) is 34.8 billion won ($ 29 million).
Kogas has been involved in the Zubair project since 2010, and in the first year it produced 180,000 barrels per day, with an average daily production of 430,000 barrels in 2017.
The return on investment in the Iraqi company 3.07 billion dollars against 2.94 billion dollars of the value of the original investment as of last June, bringing the rate of return on investment to 104.4%.
Of the total investment, Kogas pumped $ 378 million into its Iraqi subsidiary, and the return on investment concerned was 87.3%, or $ 330 million.
Kogas is expected to generate continued revenue through the project from next year to 2035, when its partnership period ends.
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