By OGJ editors
HOUSTON, May 11 -- Kazakhstan's KazMunaiGas Exploration Production (KMG EP) has informed Iraq's Ministry of Oil and Gas and Korea Gas Corp. (Kogas) of its withdrawal from participation in the Akkas gas field development project.
The field lies near the border of Syria in Iraq's Anbar province and holds an estimated 5.6 tcf of gas reserves (OGJ Online, Oct. 25, 2010).
In October 2010, KMG EP together with Kogas won a tender for developing Akkas with a $5.50/boe bid (OGJ Online, Oct. 25, 2010).
KMG EP said its negotiations with Kogas on a contract for the field's development with the government of Iraq "failed to resolve all issues which emerged at a late stage and it has not been possible to develop a consensus document that would fully meet the interests of all parties.”
KMG EP stressed it still “believes Iraq to be an attractive area for investment.”