Iraq Hopes to Sign Akkas Gas Field Deal by Year-End -Official

(Dow Jones Newswires), Nov. 25, 2010

Iraq hopes to sign a delayed initial agreement for the Akkas gas field "by the end of this year" after clearing up some misunderstanding that led to the deal being postponed at the last minute earlier this month, a senior Iraqi oil official said Thursday.

"There is no big problem and we are working on some clarifications," Sabah Abdul Kadhem al-Saedi, deputy head of Iraqi oil ministry's petroleum contracts and licensing directorate, told Dow Jones Newswires.

The deal was scheduled for signature on Nov. 14 along with two other gas fields, but contractors Korea Gas Corp. (036460.SE) and its partner, Kazakhstan's KazMunaiGas, asked for further clarifications.

Kogas and KazMunaiGas were awarded the field, with estimated proven reserves of 5.6 trillion cubic feet, located at western Anbar province, at a bidding round held in Baghdad last month.

Copyright (c) 2010 Dow Jones & Company, Inc.