Iraq signed an agreement with the Korea Gas Corporation (KOGAS) to begin developing the Akkas natural-gas field, an Oil Ministry official said, ending seven months of delays in progress at one of the country’s biggest deposits of the fuel.
Representatives of KOGAS and Iraq's Ministry of Oil signed the contract on Wednesday in a ceremony closed to the media, Sabah Abdel Kadhim, the deputy head of the Oil Ministry’s licensing department, said in a telephone interview with Bloomberg.
KOGAS agreed to double its stake in the project to 75%, up from 37.5% previously, following KazMunaiGas's unexpected withdrawal. Iraq’s state-run North Oil Company will hold the other 25%.
The government expects to sign agreements for two other gas fields at Mansouriya and Siba on June 5.
(Sources: Bloomberg, Reuters)