Iraq signs contract worth 709 million $ to develop gas field

“Daewoo will take the mission of engineering, procurement and construction to develop the field as well as the establishment of a network of pipelines in Akkas gas field which contains reserves of 5.6 trillion cubic feet,” The Secretary-General of the Iraqi Council of Ministers, Ali al-Alaq said in a statement to Reuters, briefed by “Shafaq News”.

Iraq had signed a contract in 2011 to develop this field with the South Korean company Kogas for a fee of 5.50 $ per barrel of oil equivalent with the goal of production at 400 million cubic feet per day for a period of 13 years.