Gulf Oil and Gas accountACCOUNT

KMG EP Awarded the Rights to Develop Akkas Field

Source: www.gulfoilandgas.com 10/20/2010, Location: Middle East

JSC KazMunaiGas Exploration Production announces that in partnership with Korea Gas Corporation (KOGAS) it has been awarded the rights to develop the Akkas gas field in the Republic of Iraq in the Third Licensing Round organized by Petroleum Contracts & Licensing Directorate of the Iraqi Ministry of Oil. The terms of the proposed deal are $5.5/boe Remuneration Fee Bid and 400 MMSCFD Plateau Production Target.

In accordance with the conditions of the Third Licensing Round, the State Company owned by Iraqi Government will hold 25% equity share in the final consortium with the remainder equally split between KMG EP and KOGAS (37.5%/37.5%). Consortium members intend to conduct negotiations with the Government of the Republic of Iraq and sign the Akkas field development contract within the next few months.

The Akkas gas field is located in Anbar province, in the Western part of Iraq near the Syrian border. The Oil Ministry of Iraq estimates its gas reserves at 5.6 TSCF.

KMG EP Chief Executive Officer Kenzhebek Ibrashev said: “KMG EP actively participates in development of the oil and gas sector in Kazakhstan both by operating our own assets and by going into partnerships with other companies. At the same time we keep looking for attractive projects abroad. Iraq is one of the priority regions for us and we are happy to enter into a mutually beneficial cooperation with the Government of Iraq.”

Oil Field Services News in Iraq >>

Saudi Arabia >>  7/18/2019 - L&T Hydrocarbon Engineering Limited (LTHE) has been awarded another Mega project in the Marjan Field by Saudi Aramco. The Saudi company’s trust on LT...
Oman >>  7/17/2019 - JGC Corporation (hereinafter referred to as "JGC") announced today that it has been awarded a Front End Engineering and Design (FEED) contract under a...

Saudi Arabia >>  7/10/2019 - McDermott International, Inc. (MDR) has been awarded a contract in excess of $1.5 billion for Package 4 of Saudi Aramco's Marjan Increment Development...
Saudi Arabia >>  7/9/2019 - Saudi Aramco has awarded 34 contracts with a total value of $18 billion for the engineering, procurement and construction of the Marjan and Berri incr...

Kuwait >>  7/1/2019 - Kuwait Oil Company (KOC) and Halliburton have signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) e...
Saudi Arabia >>  7/1/2019 - Saudi Aramco and Baker Hughes, a GE company (BHGE) signed a memorandum of understanding to create a new joint venture facility in Saudi Arabia to man...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.