Italy's Eni SpA (E) and its partners will raise oil production from Iraq's Zubair oil field 10% above its previous level of around 180,000 barrels a day by the end of this year, Chief Executive Paolo Scaroni said Tuesday.
Once the 10% increase is achieved, Eni will start receiving payment in the form of small crude oil shipments whose value is equivalent to $2 for each barrel of extra production, Scaroni told reporters at a London press briefing.