In a report published to showcase progress made by the Iraqi government in the first 12 months since its formation, Iraq confirmed ongoing negotiations with a consortium lead by American oilfield services provider Schlumberger and a little-known private Saudi oil and gas investor ‘Delta Oil Company’ for the Akkas gas field development. The consortium also involves Texas based private investment firm Aethon Energy Management and Calgary’s Gran Tierra Energy.
The report states that Iraq is targeting production of 400mn cfd from the associated gas field by 2025, substantially higher than the 300mn cfd stated by Iraq’s Minister of Oil Ihsan Ismaael on 3 May. The cost of development is pegged at $3bn. (CONTINUED - 1056 WORDS)