By John Lee.
Iraq has reportedly cancelled a contract to develop its Mansuriya gas field near the Iranian border.
Iraq Business News understands that, under a deal agreed in 2010, the field was being developed by Turkish Petroleum (TPAO) (37.5%), Iraqi Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), and Kogas (15%).
According to Reuters, the consortium halted development in 2014 due to security concerns after the so-called Islamic State group overran large parts of Iraq.
Writing in Oil Price, Simon Watkins says "Russia has again made it clear that it is extremely interested in taking over the development contract of Iraq's Mansuriya gas field following the recent termination of the contract with a consortium led by Turkey's state-owned TPAO."
(Sources: Reuters, Oil Price)
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