SKorea-Kazakh consortium wins Akkas field in Iraq gas field auction

Iraq’s oil minister says a consortium grouping Korea Gas Corp., or KOGAS, and KazMunaiGas EP JSC has won the right to develop the 5.6 trillion cubic feet Akkas gas field.

Hussain al-Shahristani said Wednesday the South Korean-Kazakh consortium on Wednesday offered $5.50 per barrel of oil equivalent, with a plateau production of 400 million cubic feet per day. It beat out a consortium grouping France’s Total SA and the Turkish Petroleum International Co. that offered $19 per barrel of oil equivalent, with a peak production of 375 million cubic feet per day.

The western Iraqi field is the first of three to be offered during the country’s third international energy auction since Saddam Hussein’s ouster in 2003