Iraq launds auction of natural gas fields

The Iraq Oil Ministry touted the results of its natural gas licencing round after it named winning bidders for three natural gas projects.The natural gas fileds Akas, Siba and Mansoriya were won by energy consortia led by respectively Korea Gas, Kuwait Energy and Turkish Petroleum International

The three fields have estimated combined proven reserves of 11.2 trillion cubic feet about 10% of Iraq’s total 112 trillion cubic feet of proven natural gas reserves.

TPAO said the group would invest USD 1 billion in the project.