KazMunaiGas, KOGAS win rights to develop Akkas natural gas field in Iraq

Source: KazMunaiGas Exploration Production

Kazakh oil and gas producer KazMunaiGas Exploration Production (OP:KZMNY) in partnership with Korea Gas Corporation (KOGAS) has been awarded the rights to develop the Akkas gas field in the Republic of Iraq in the Third Licensing Round organized by Petroleum Contracts & Licensing Directorate of the Iraqi Ministry of Oil.
The terms of the proposed deal are $5.5/boe Remuneration Fee Bid and 400 MMSCFD Plateau Production Target. 

In accordance with the conditions of the Third Licensing Round, the State Company owned by Iraqi Government will hold 25% equity share in the final consortium with the remainder equally split between KMG EP and KOGAS (37.5%/37.5%). Consortium members intend to conduct negotiations with the Government of the Republic of Iraq and sign the Akkas field development contract within the next few months.

The Akkas gas field is located in Anbar province, in the Western part of Iraq near the Syrian border. The Oil Ministry of Iraq estimates its gas reserves at 5.6 TSCF.

KMG EP Chief Executive Officer Kenzhebek Ibrashev said: "KMG EP actively participates in development of the oil and gas sector in Kazakhstan both by operating our own assets and by going into partnerships with other companies. At the same time we keep looking for attractive projects abroad. Iraq is one of the priority regions for us and we are happy to enter into a mutually beneficial cooperation with the Government of Iraq."



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs