Edison Registers for Iraqi Akkas Development Project

Iraq's February 18 deadline to apply for participation in the country's Akkas natural gas field brought with it registration documents from the Italian power company Edison SpA, according to Dow Jones. With the registration documents comes the opportunity for the company to bid on interest and active participation in the development of the field.

This comes as no surprise as the Italian newspaper Il Sole-24 Ore reported Edison's interest in Akkas earlier in February. The Italian daily reported that preliminary bid documents had been filed with Iraqi Oil Minister Hussein al-Shahristani after Edison executives discussed the possibility with him at a conference in Vienna.

Akkas is one of Iraq's largest gas fields. Located near the Syrian border, it could easily tie into a proposed Arab gas pipeline that would tie Arab states to the European markets through Turkey. Gas reserve estimates for the field are placed at approximately 200 billion cubic meters, with the possibility of producing more than 12 million cubic meters per day.

Iraq plans to announce contenders for the E&P licenses by the end of March. The final decision for participation will be made in the second quarter.

Other companies looking for participation include Royal Dutch Shell and France's Total.


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