The Iraqi Ministry of Oil announced on Wednesday. April24, signing a contract with the Ukrainian company UKRZEMRESURS to develop the Akkas gas field in Al-Anbar Governorate, western Iraq, reported the Shafaq News.
Oil Minister Hayan Abdul Ghani said the contract aims to produce 100 million standard cubic feet per day (mcf/d) in the first two years, rising to 400 mcf/d in 4 years.
The announcement came during the signing ceremony attended by Minister Abdul Ghani, the state-owned Midland Oil and North Oil Company, the Petroleum Contracts and Licensing Directorate, and Ukrzemresurs.
The ceremony also witnessed the signing of a concession contract by the Korea Gas Corporation (KOGAS) company in favor of the Ukrainian company.
Mohammed Yassin Hassan al-Obaidi, the General Manager of the Midland Oil Company, said, "the concession of the Korean company to the Ukrainian company to execute and invest in the Akkas field project, represents a significant step towards gas investment, especially in the western region due to its large gas reserves.”
The field was abandoned by South Korea’s state-owned Korea Gas Corporation (Kogas) after it was captured by ISIS militias during the war eight years ago.
Discovered in 1992, Akkas field contains around 5.6 trillion cubic feet of proven natural gas deposits, according to Iraqi estimates.