Akkas deal finally signed

The gas field development deal awarded to the Korea Gas Corp. has been finalized, surviving 51 weeks of political wrangling.
Officials from Iraq's Oil Ministry and the Korea Gas Corp. (Kogas) meet at the ministry's headquarters in Baghdad on Oct. 13, 2011 to finalize the Akkas gas deal. Located in Anbar province, near the Syrian border, the area has been problematic for security. (MAHMOUD RAOUF/Reuters)

BAGHDAD - On Thursday, the Korea Gas Corp. (Kogas) and the Oil Ministry finalized the long-delayed deal to develop Akkas, Iraq's largest discovered dry gas field, which holds 5.6 trillion cubic feet of Iraq's estimated 112 trillion cubic feet of gas reserves.

The company now has to turn the virtual non-producer into a field that pumps 400 million standard cubic feet per day within seven years and hold that output for 13 years, earning costs plus $5.50 for each barrel of oil equivalent produced.

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