Iraq to Sign Akkas field Deal

Source: Bloomberg 2/13/2011, Location: Middle East

Iraq, seeking to rebuild its energy industry after years of conflict and scarce investment, will soon sign a delayed deal for the Akkas natural-gas field and review production-sharing contracts signed separately by the semi-autonomous Kurdish region, the country’s oil minister said.

Iraq originally planned to sign the Akkas agreement on Nov. 14 with Korea Gas Corp., known as Kogas, and KazMunaiGaz National Co., Kazakhstan’s state fuel producer. The deal stalled on concerns by local authorities, which feared the gas from Akkas would be exported without benefiting nearby communities.

“We will sign the initial agreement with the group of companies within the coming days,” Abdul Kareem al-Luaibi told reporters in Damascus today. The contract will then be sent to the Council of Ministers for approval, he said.

Iraq, holder of the world’s fifth-biggest crude reserves, needs foreign investment and expertise to help ramp up its energy exports and finance the rebuilding of the economy and infrastructure. The government has signed 15 licenses for oil and gas exploration since the 2003 U.S.-led invasion that ousted former President Saddam Hussein.

One of the most contentious issues has been oil production in the Kurdish region, where local authorities angered the central government by signing their own production agreements with foreign companies such as DNO International ASA of Norway and Turkey’s Genel Enerji AS. The Oil Ministry refused to recognize these contracts, and exports of Kurdish oil that began in June 2009 ended a few months later amid a payments dispute.


Saudi Arabia >>  6/28/2022 - Several onshore and offshore contracts totaling over $1,250 million USD have been given to Saipem in the Middle East. In the first set of agreements, ...
Qatar >>  6/19/2022 - QatarEnergy has chosen Eni as a new international partner in the North Field East expansion project.

The Minister of State for Energy Affai...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.