The Iraqi cabinet has signed off on a deal with Korea Gas to develop the Akkas gas field in Anbar province in the west of the country. Akkas is a prime attraction because, unlike most of Iraq’s gas, its reserves of 3,300bn cu ft are non-associated or free gas not connected to an oilfield.
The agreement, however, has not been without its complications. Iraqi government officials first said the deal would be signed in February but it fell victim to local politics, causing Kazakhstan’s state gas company to withdraw. The governor of Anbar had demanded that a portion of the Akkas gas remain in his governorate to generate power rather than be made available for export.
Kogas now has a 75 per cent stake in the Akkas venture, up from 37.5 per cent previously, while Iraq’s state-run North Oil Company holds the remaining 25 per cent share.
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