Thursday, May 26, 2011
Asia Pulse Pte Ltd.
South Korea's state-run energy company said it has secured a 100 percent stake in an Iraqi field estimated to hold 3.3 trillion cubic feet of natural gas.
The move doubles Korea Gas Corp.'s (Kogas) holding of the Akkas field in the western part of the Middle Eastern country from 50 percent. The field, once fully developed, may produce gas equivalent to 72,000 barrels of crude oil per day.
Kogas was tapped to buy stakes in the field located in the Anbar province in October. Kazakhstan's KazMunaiGas also expressed interest in the project.
Industry sources, however, said that KazMunaiGas has since reconsidered allowing the South Korean company to increase its control of the gas field.
(C) 2011 Asia Pulse Pte Ltd.
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