Iraq's Akkas gas field: A $50M gamble amid energy security concerns
Shafaq News/ Iraq is facing key challenges in securing its natural gas supply following the suspension of Iranian imports, Al-Anbar Provincial Council member Adnan Al-Kubaisi stated on Wednesday.
Al-Kubaisi explained that while the government has signed a contract with a Ukrainian firm to invest in the Akkas gas field—the second-largest in the Middle East—the company's capability remains in doubt.
'The head of the Ukrainian Chamber of Commerce has questioned the firm's ability to execute the project despite a $50 million financial guarantee,' he said, adding that over the past year, progress has been minimal, with only a few caravans set up at drilling sites.
'Revenues from the field are structured at $2 per 150 cubic meters of gas, highlighting the project's economic significance,' Al-Kubaisi pointed
Akkas is also tied to plans for a combined-cycle power plant near the Syrian border, which is expected to generate up to 1,642 megawatts of electricity, bolstering energy supplies to both Al-Anbar and the national grid. Al-Kubaisi stressed that stronger government oversight and the engagement of experienced international firms are essential for the project's success.
The energy sector faces further strain as the US administration recently ended exemptions that allowed Iraq to purchase Iranian electricity. The US State Department reaffirmed its policy against granting economic or financial relief to Iran, a move that exacerbates concerns over an impending 8,000-megawatt deficit in Iraq's electricity grid during peak summer demand, as noted by Walid Al-Sahlani, deputy head of the Iraqi parliament's electricity committee.
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