Iraqi Oil Ministry Signs Contract with South Korea
After nearly a year of protracted negotiations, the Iraqi Oil Ministry has concluded a contract with South Korea’s KOGAS company for the Akkas natural gas field in Anbar province.
On 20 October 2010, Iraq’s Oil Ministry auctioned off three natural gas fields, the Mansuriyah field in Diyala, Siba in Basra, and Akkas in Anbar in the country’s first successful natural gas field auction. South Korea’s KOGAS and Kazakhstan’s KazMunai Gas put in the winning bid for Akkas, with the partnership offering $5.50 per barrel equivalent in gas production after the field reached 400 million cubic feet of production.
The Akkas natural gas field has an estimated 5.6 trillion cubic feet of reserves. This was the first successful offering for natural gas in Iraq.
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Article date: October 22, 2011
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