Iraq to Sign Akkas Gas Deal with KOGAS in 2 Days

Source: Reuters 5/30/2011, Location: Middle East

Iraq plans to sign a deal with Korea Gas Corp (KOGAS) in two days time to develop its Akkas gas field, the country's oil minister said.

Iraq had asked KOGAS to develop the Akkas gas field on its own after Kazakh company KazMunaiGas Exploration Production RDGZ.KZ withdrew from the deal earlier this month following a row with local authorities.

"God willing, we will sign the Akkas contract in two days," Abdul-Karim al-Luaibi told reporters.

Akkas, Iraq's largest gas field, located in Anbar province near the border with Syria, has estimated reserves of 5.6 trillion cubic feet. Luaibi also said current oil prices were acceptable for both producers and consumers and added Iraq's oil exports in May have averaged around 2.2 million barrels per day.

Brent crude LCOc1 was trading at $114.68 a barrel and U.S. crude CLc1 was at $100.07 at 0804 GMT.


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