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South Korea's Kogas may sell shares in Iraqi Akkas natural gas field

Feb. 7, 2014 at 6:52 AM

SEOUL, Feb. 7 (UPI) -- Korea Gas Corp. is mulling a sale of some shares in Iraq's Akkas natural gas field after 2015 but the plan is in its early stages, an official said Friday.

"The company submitted to the [South Korean] government last month a plan to sell part of its stake at the Akkas gas field after 2015," the unnamed official told the Platts energy news website. "But details have not been decided yet."

Akkas is on pace to start commercial production of natural gas in 2015, the company said. The field holds an estimated 5.6 trillion cubic feet of natural gas.

The size of the sale by state-owned Korea Gas Corp., also known as Kogas, would be set by the South Korean government, Platts reported, but the company would stay on as the operator after the divestment.

The Korean company signed a development deal with the Iraqi government in 2011 for Akkas, located in western Anbar province.

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