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FINANCIAL NEWS
Kuwait-led group to develop Iraq gas fields
21 Oct 2010
(MENAFN) Turkish Petroleum Company (TPAO), along with an oil consortium including Kuwait Energy Company and South Korean Company (COGAS), won a contract for developing two natural gas fields, east and south of Iraq, Reuters reported.
TPAO said in a statement that the contract gave it the right to operate Al-Mansouriyah field in Diyala governorate near international borders with Iran for 13 years along with raising its output level to 6.4 million cubic meters daily.
It added that the consortium previously made an offer — within the same tender invited by the Iraqi Oil Ministry earlier this year — for extracting oil equivalent at a cost of $7 per barrel.
It also made clear that the oil consortium will inject investment worth $2.5 billion for developing gas reserves at Al-Mansouriyah field which are estimated at some 128 billion cubic meters according to the data released by the Iraqi Oil Ministry.
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