Iraq's Akkas Gas Field to See Significant Output Increase through Schlumberger Deal

Strategic Insights -

Iraqi Minister of Oil Hayan Abdul-Ghani announced a major development in the oil sector, stating that the recent deal with Schlumberger will raise output at the Akkas gas field to 100 cubic feet per day. This marks a significant accomplishment for the Iraqi Ministry of Oil and the Midland Oil Company (MOC) after a previous agreement with a Ukrainian company was cancelled. The Akkas gas field, discovered in 1992, holds an estimated 5.6 trillion cubic feet of verified natural gas reserves. The development is expected to attract further foreign investment in Iraq's oil resources.

Key Takeaways:

  • The Iraqi Ministry of Oil has signed a deal with Schlumberger to develop the Akkas gas field, which will increase output to 100 cubic feet per day.
  • The Akkas gas field, discovered in 1992, contains approximately 5.6 trillion cubic feet of verified natural gas reserves.
  • The deal is seen as a major accomplishment for the Iraqi Ministry of Oil and the Midland Oil Company (MOC).
  • The previous agreement with a Ukrainian company to develop the gas field was cancelled, and Schlumberger has begun operations.
  • Deputy Oil Minister Basim Khudair confirmed that foreign oil corporations are increasingly interested in investing in Iraqi oil resources.
  • The gas field's output is expected to increase to 400 million cubic feet per day over the next four to five years.
  • Izzat Sabir, the Oil Ministry's Undersecretary for Gas Affairs, stated that the development will play a significant role in meeting Iraq's energy needs.
  • The deal has been described as a major step forward in developing Iraq's oil sector.

Statistics:

  • 100 cubic feet per day: the expected output at the Akkas gas field following the Schlumberger deal.
  • 5.6 trillion cubic feet: the verified natural gas reserves at the Akkas gas field.
  • 400 million cubic feet per day: the expected output at the Akkas gas field over the next four to five years.
  • 1992: the year the Akkas gas field was discovered.
  • 4-5 years: the timeframe for the expected output increase at the Akkas gas field.

Sources:

  • INA (Iraqi state-run news agency)
  • Global Data Point
  • Deputy Oil Minister Basim Khudair
  • Izzat Sabir, Oil Ministry's Undersecretary for Gas Affairs
  • Iraqi Ministry of Oil
  • Midland Oil Company (MOC)
  • Schlumberger