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Iraq approved a contract with South Korea's Kogas to develop the Akkas gas field

September 28/2011

(Trend) -- Iraq 's cabinet approved a contract with South Korea's Kogas on Tuesday to develop the Akkas gas field in western Anbar province, an oil ministry source said. Iraq awarded a development contract for Akkas, the country's largest gas field, to Kogas and KazMunaiGas in a bidding round last year, Trade Arabiya reported citing Reuters. State-run Kogas announced in May it had raised its stake in Akkas to 100 per cent after KazMunaiGas pulled out.

In June, Kogas chief executive Choo Kang-soo said three Asian nations had asked Kogas to sell them a stake in the field, which has estimated reserves of 5.6 trillion cubic feet.

In April, Iraqi Prime Minister Nouri al-Maliki visited Seoul and agreed for South Korea to have the priority right to at least 250,000 barrels a day of crude oil during any emergency that upsets the global supply-and-demand balance, equivalent to about 10% of South Korean daily crude imports.

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