BAGHDAD, April 15 Iraq's cabinet approved
Tuesday an $588.8 million oilfield service contract with South
Korea's Daewoo Engineering & Construction (047040.KS) for the
development of the Zubair oil field, the cabinet said in a
Under the contract, Daewoo E&C will handle engineering,
procurement and construction work for a gas separation facility
at the giant Zubair oilfield in Iraq's south, whose output is
forecast to reach 850,000 barrels of oil per day (bpd) in 2017.
Italy's ENI, U.S.-based Occidental Petroleum Corp
and South Korea's KOGAS signed a 20-year deal
with Iraq in 2010 to develop Zubair, whose production is
currently at 320,000 barrels per day (bpd).
(Reporting by Ahmed Rasheed, editing by Ned Parker)