KOGAS announced on December 12 that the company recovered US$2.49 billion invested in the Jubair project, an oil and gas field development project in Iraq.
KOGAS said that the company achieved its investment recovery rate of 101.6% by recovering US$ 2.53 billion (cumulative crude oil recovery volume of 43.74 million barrels) through KOGAS Iraq B.V., the subsidiary in Iraq invested for the project by KOGAS.
In 2010, KOGAS established an Iraqi corporation to participate in the Jubair project and began production of crude oil. This year, its daily production reached an average of 430,000 barrels.
KOGAS said that the company would be able to recover US$ 378 million invested in its Iraqi corporation by the end of next year.
"We anticipate that the Jubair project will be able to make net profits every year until 2035 when the project will come to an end," said a representative of KOGAS.