Iraq signs contract with Ukrainian company to develop Akkas gas field
Workers at the Akkas gas field. Photo: Iraq Oil Report
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Wednesday that it had signed a contract with the Ukrainian company Ukrzemresurs to develop the Akkaz gas field in western Iraq.
During his speech in a ceremony held to sign the contract, the Iraqi Minister of Oil, Hayan Abdul-Ghani, stressed the importance of developing the Akkaz gas field in Anbar governorate, according to the Iraqi News Agency (INA).
The Akkas gas field, which has sizable reserves, was being developed by the Korea Gas Corporation (KOGAS), a South Korean public natural gas company, before Ukrzemresurs won the contract.
The Iraqi Oil Minister clarified that Ukraine’s Ukrzemresurs will increase production at the Akkas gas field from 60 million cubic feet per day to 100 million cubic feet per day within one to two years and to 400 million cubic feet of gas in four years.
Member of the Iraqi Parliament’s Oil and Gas Committee, Ali Al-Mashkoor, revealed last August that two firms from Ukraine and Armenia are competing for the Akkas gas field development contract, Zawya News reported.
The Akkas gas field, which was found in 1992, has approximately 5.6 trillion cubic feet of confirmed natural gas deposits.