Saudi Aramco to Invest in Iraqi Gas Field

By John Lee.

[Correction: After publication, the Oil Ministry issued a "clarification", stating that Aramco is merely "studying cooperation mechanisms" with regard to Akkas.]

Iraq's Minister of Oil has announced an agreement with Saudi Aramco to invest in the development of the Akkas gas field in Anbar province.

During his participation in the Iraqi-Saudi Coordination Council, Hayan Abdul-Ghani said the field will have a target capacity of up to 400 million standard cubic feet per day.

Rights to the field were originally awarded to a consortium of Kogas and KazMunaiGas (KMG), but KMG pulled out, leaving Kogas as sole investor and operator on new contract terms.

In 2014 it was reported that Kogas was planning to sell its interest in the field.  In 2021 it was rumoured that Saudi Arabia's Delta Oil Company was interested in buying a stake.

In March 2023, the Iraqi cabinet agreed terms for Kogas to surrender its stake in the field.

At the meeting, the Minister also mentioned an initial agreement with Saudi Arabia to contribute to the investment in the giant Nebras petrochemical project, which has been on hold for several years.

(Source: Ministry of Oil)

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