• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 2 hours WTI @ 67.50, charts show $62.50 next
  • 7 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 8 hours Mike Shellman's musings on "Cartoon of the Week"
  • 3 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 13 hours Venezuela set to raise gasoline prices to international levels.
  • 3 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 7 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 12 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 20 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 19 hours Corporations Are Buying More Renewables Than Ever
  • 8 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 24 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 9 hours France Will Close All Coal Fired Power Stations By 2021

Iraqi Oil Ministry Signs Natural Gas Contract with South Korea's KOGAS

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.

The process has not been smooth. On the day of the gas auction, politicians in Anbar held a demonstration, voicing a multitude of complaints, including that the Akkas natural gas field be under provincial control, that companies developing the site hire local workers, that any natural gas produced there would first be used for neighboring power plants and that government authorities in Baghdad had ignored the province’s earlier attempts to develop its natural gas, The Kurdistan News Agency reported.

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News