Dow Jones reported that the Iraqi Oil Ministry plans to sign initial deals for the three major gas fields it awarded last month to international energy companies on November 14 and 15 2010.
Mr Abdul Mahdy Al Ameedi head of the ministry''s Petroleum Contracts and Licensing Directorate said that Akkas gas field in the western Anbar province and Mansouriya in eastern Iraq which were awarded to energy consortia led by Korea Gas Corporation and Turkish Petroleum International Company respectively would be signed November 14.
Mr Al Ameedi said that Siba in the southern Basra governorate which was awarded to a consortium led by Kuwait Energy will be signed November 15. The three deals still need approval of the Iraqi cabinet before their final signatures.
He said that Akkas and Mansouriya deals will be signed for the Iraqi side by the newly set up state Midland Oil Company while Siba will be signed by state South Oil Company.
Kogas, along with Kazakhstan''s KazMunaiGas EP JSC won the right to develop Akkas, the largest of the three fields with estimated proven reserves of 5.6 trillion cubic feet at the country''s third post war bid round held October 20.
Kogas and its partner offered to produce a maximum of 400 million cubic feet of natural gas a day from Akkas at a cost of USD 5.50 per barrel of oil equivalent. South Korea''s government in a statement said total investment in the project would reach USD 4.4 billion.
TPAO and its partners Kuwait Energy and Kogas won Mansouriya gas field in the restive Dialya governorate with estimated proven reserves of 4.5 trillion cubic feet. The group offered to produce up to 320 million cubic feet a day for USD 7 per barrel of oil equivalent.
Kuwait Energy and its partner TPAO won the right to develop Siba in southern Iraq with estimated proven reserves of 1.13 trillion cubic feet. The consortium offered to achieve a production target of 100 million cubic feet a day at a remuneration of USD 7.50 per barrel of oil equivalent. TPAO said the group would invest USD 1 billion in the project..