Italian firm Eni has cut production targets for the giant Zubair oil field in Iraq by almost a third after having its service contract extended.
The Milan-based firm has agreed a five-year extension of its technical services contract for the field, near Basrah.
The new deal ensures Eni’s involvement in the field until 2035, but will see production expectations for the field cut from 1.2million barrels a day to 850,000.
Eni, Occidental and KOGAS had signed a 20-year deal to develop the field, which is estimated to contain more than 4.5billion barrels of proven reserves, was established in 2010.