Italian oil giant Eni said that it has signed a final contract with Iraq’s South Oil Company and Missan Oil Company to develop the 4 billion barrel Zubair oilfield in the country.

Eni and its partners, US-based Occidental Petroleum and South Korea’s KOGAS, set an output target for the field of 1.2 million bpd.

Eni and its partners won the right to develop oilfield last year following the country’s first auction of oilfield contracts since the invasion in 2003.

The consortium said it plans to invest around $20bn over the life of the 20-year contract, with a possible extension to 25 years.