Iraq’s Minister of Oil, Ihsan Ismaael told local media this week that plans to award the Mansuriya non-associated gas development project to an international major have fallen through. The likes of Total, ExxonMobil, Eni and Chevron have shown no interest in the field due to security concerns. As a result, competition for the 3.4-4.5tcf field is now between “second tier” companies.
If this has come as a surprise to the ministry of oil, it really shouldn’t have. The field was originally to be developed under a 2011 contract by a consortium of Turkey’s TPAO (22.5%op), Korea’s Kogas (15%), and the Kuwait Energy subsidiary of Hong Kong based United Energy Group (UEG 22.5%) alongside state-owned Oil Exploration Company (OEC 25%). (CONTINUED - 864 WORDS)