Seeking Alpha

Eni threatens to quit Iraq if contracts aren't renewed soon

  • Eni (E -0.3%) threatens to leave Iraq unless Baghdad signs outstanding energy contracts "within a couple of weeks" after waiting for six months, CEO Paolo Scaroni says.
  • Eni is operator of the Zubair oil field, where current production is ~300K bbl/day; other partners are Occidental Petroleum (OXY), Korea Gas and Iraqi state company Missna Oil.
  • Iraqi government red tape is becoming a growing problem for western oil companies; the future of BP's Rumalia oilfield is in question after a bureaucratic foul-up.
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