KOGAS raises share in Iraqi Akkas field to 100%

30 May 2011

(MENAFN) Korea Gas Corp (KOGAS) stated that it signed a deal with Iraq by which KOGAS doubled its stake in the Akkas field located in the Arab country up to 100 percent from 50 percent, reported Arabian Oil and Gas.

The Korean company also said that it signed a deal with Iraq to start a consortium which would produce 400 million cubic feet per day, or 72,000 barrels per day in term of oil equivalent in 13 years.

The world’s number 1 LNG buyer noted the importance of Akkas field as it is Iraq’s largest field with 5.6 trillion cubic feet reserves. The company pointed out that the deal would be finalized in June.

It is worth noting that KOGAS is the public natural gas company of Korea established by the government in 1983. It operates three LNG regasification terminals and 2,721 km of natural gas pipelines in South Korea.

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