Iraq, Schlumberger sign deal to develop Akkas gas field
The Iraqi Minister of Oil, Hayan Abdul-Ghani, described the step as a major and long-awaited accomplishment done by the ministry and the Midland Oil Company (MOC), according to a statement cited by the Iraqi News Agency (INA).
A previous agreement with a Ukrainian company to develop the gas field was subsequently cancelled, according to Abdul-Ghani.
Last week, Deputy Oil Minister Basim Khudair said that Schlumberger had begun operations in the Akkas gas field, confirming that foreign oil corporations are increasingly interested in investing in Iraqi oil resources.
The Iraqi government approved last April the MOC's rapid development plan for western Iraq's Akkas gas field. According to the Prime Minister's Office (PMO), Schlumberger will carry out the initial phase of the field's development, with output expected to reach 100 million cubic feet of gas per day within a year.
The Akkas gas field, which has large reserves, was being developed by Korea Gas Corporation (KOGAS), a South Korean public natural gas firm, before Ukrzemresurs, a Ukrainian oil corporation, concluded a deal for the project.
Izzat Sabir, the Oil Ministry's Undersecretary for Gas Affairs, mentioned earlier that the gas field's output will rise to 400 million cubic feet per day during the next four to five years.
The Akkas gas field, found in 1992, has around 5.6 trillion cubic feet of confirmed natural gas reserves.
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