ENI hoping to start operations in Iraq

NASSIRIYA OILFIELD: Italian oil firm ENI hopeful of starting operations in Iraq oilfield. (Getty Images)

Italian oil company Eni hopes to start operations in Iraq in the coming months, Eni Chief Executive Paolo Scaroni said on Sunday, showing renewed confidence in contract competitions there.

Eni is competing with Nippon Oil of Japan and Spain's Repsol to help develop southern Iraq's Nassiriya oilfield.

Scaroni has previously expressed confidence his company will win the contract, saying last month that the field could produce up to 1 million barrels of oil per day.

"I must tell you the truth, I hope that Eni becomes the first international company that lands in that country, and I hope this happens in the coming months," Scaroni told Italian state television RAI.

Iraq, with the world's third-largest reserves, depends on oil revenues for 90 percent of government income, but its output has declined because of decades of sanctions and war. It is also in desperate need of investment to fix its crumbling infrastructure.

Earlier on Sunday, Iraqi officials announced plans to revive a national oil company and lure foreign investors to speed up and increase oil output.  (Reuters)

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