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Agreement for Iraq's Akkas Gas Field Delayed

Source: bloomberg 2/24/2011, Location: Middle East

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An Iraqi Oil Ministry spokesman says an agreement to develop the first natural gas field in western Iraq has been delayed because of disagreements about what the local government gets from the deal.

An initial agreement to develop the 5.6 trillion cubic foot Akkas gas field in Anbar province was to have been signed Thursday in Baghdad.

A consortium led by Korea Gas Corp. along with KazMunaiGas EP JSC bid in October to develop the field.

But after hours of delays as reporters waited at the Oil Ministry, spokesman Asim Jihad told The Associated Press that the signing was postponed because officials in Anbar province want more control over how the revenue is spent.

Anbar officials protested on the day of the auction, saying they wanted more jobs from the deal.

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