(MENAFN- Iraq Business News) By John Lee.
The Iraqi Ministry of Oil has defended its decision to award the development of the Akkas gas field to little-known Ukrainian company, Ukrzemresurs .
According to a statement from the Ministry, the decision followed Ukrzemresurs' application to the Contracts and Petroleum Licensing Directorate (PCLD) , fulfilling the required standards and providing financial and legal guarantees. The ministry is processing the entry visas for the company's engineers, geologists, and technicians to facilitate the handover of the field and the start of contractual commitments.
Deputy Minister for Extraction, Bassem Mohammed Khudair, stated that the aim is to achieve an initial production of 100 million standard cubic feet per day (MMSCFD) during the first phase, scaling up to a peak production of 400 MMSCFD as per the contract timelines. Bassem Taher, Director General of the Contracts and Petroleum Licensing Directorate, confirmed that the qualification and contracting processes were neutral and rigorous, in line with other international companies.
The Ministry said Ukrzemresurs was the only company willing to develop the field under the existing contractual terms, in contrast to other companies' demands for changed conditions. The ministry aims to expedite the development of the Akkas gas field to bolster Iraq's energy sector with new production.
(Source: Ministry of Oil)
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