Kuwaiti – Turkish Companies gain investment contract to develop Basra’s Siba Gas Field

BAGHDAD / IraqiNews.com: Iraq’s Oil Minister, Hussein al-Shahristani, has announced here today that a consortium representing the Kuwaiti “Kuwait Energy” Company and the Turkish TPAO Company have won the contract of investing in the Siba Gas Field in southern Iraq’s Basra Province on Wednesday Minister Shahristan said that the measure took place during the holding of the Third Licensing Session for Investing Iraq’s Gas Fields, attended by IraqiNews.com News Agency. “The consortium of the Kuwaiti “Kuwait Energy” and the Turkish TPAO Companies, the first with 60% and the second with 40%, had won the investment of Siba Gas Field in Basra Province, after they presented an offer for 7.50 dollars per each barrel of gas, with a daily production capacity of 100 million cubic feet, for 9 years, which is the period of the investment contract,” Sharistan said. Siba Gas Field is 30 km to the south of Basra, extending east towards Shatt al-Arab Waterway. The waterway, 25 km in length and 6 km in width, was discovered in 1968, with a total reserve reaching 1.5 trillion (t) cubic feet, including three dug wells, and with a minimum production capacity, reaching 60 million cubic feet, which is expected to continue by the investing company on this capacity of production for Siba Field. Siba Field is considered a small field. Minister Shahristani had opened the Third Licenses Session for Oil Fields Investment, in which the offers by competing competent oil and gas companies presented their offers. The Media Advisor of the Iraqi Oil Ministry, Assem Jihad, had stated early in the day that three gas fields, i.e. Akkas in Anbar Province with a good reserve, Al-Mansouriya in Diyala, a small gas field and Siba in Basra, have been on auction by the said occasion. SKH/SR 1