State-run Korea Gas Corp said on Thursday that it had raised its stake in Iraq’s Akkas gas field project to 100 percent from 50 percent.
Reuters cites a filing to the stock exchange from the world’s largest corporate buyer of LNG saying that it was possible for it to form a consortium after signing a final contract with Iraq, while adding production from the project was seen at 400 million cubic feet per day, or 72,000 barrels per day of oil equivalent, for 13 years.
It did not specify when production would start, adding the contract would be effective for 20 years.
Iraqi Deputy Prime Minister Hussain al-Shahristani said earlier this week in an interview with Reuters that KOGAS had agreed to sign a development contract for the Akkas gas field and the deal could be finalised next month, adding that it told KOGAS that they could choose a partner to jointly develop the gas field. Akkas, the country’s largest gas field, has estimated reserves of 5.6 trillion cubic feet.Â
KOGAS imports LNG from around the world and supplies it to power generation plants, gas-utility companies and city gas companies throughout South Korea. It produces and supplies natural gas, purifies and sells gas-related by-products, builds and operates production facilities and distribution network, and explores, imports and exports natural gas for domestic and overseas markets.
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