Iraq has 112 trillion cubic feet of natural gas reserves, though the infrastructure is vastly undeveloped, with most of the gas found when producing oil burns off.

Oil Minister Hussain al-Shahristani told al-Arabiya the gas field "now has five wells that are ready to be interconnected and provide the Syrian market with approximately 50 million cubic feet per day of Iraqi gas."

Shahristani said he plans to visit the European Union "this month to agree with them on supplying Europe with Iraqi gas."

The Middle East Economic Survey reports Akkaz could also feed 450 million cubic feet per day of natural gas to the planned Nabucco pipeline, which would head to European customers.

Europe is looking to find Russian alternative sources of natural gas, and Iraq has some of the largest underexplored and underdeveloped gas reserves in the world.

Shell is likely to be a top candidate for a deal to develop Akkaz, MEES reports, and has produced a development plan for Iraq's gas sector.