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    Development of Akkas Gas Field in Iraq Delayed Due to Violence

Summary

Latest crisis in Iraq has led to delay in development of Akkas gas field, South Korea's energy ministry said on Sunday, quoting project owner Korea Gas Corp (KOGAS).

by: shardul

Posted in:

Asia/Oceania

Development of Akkas Gas Field in Iraq Delayed Due to Violence

Latest crisis in Iraq has led to delay in development of Akkas gas field, South Korea's energy ministry said on Sunday, quoting project owner Korea Gas Corp (KOGAS).

An official from KOGAS told news agency Reuters the delay began last week as those who worked on pipeline tasks near the battles had fled to safe areas.

"If the civil war expands and the U.S. military joins, it is likely that the development will be halted temporarily...In the worst case, it is possible for us to withdraw," the KOGAS official told Reuters.

According to the news agency, South Korea's energy ministry said it would set up contingency plans for their projects in Iraq, including Akkas.

Earlier this year the Korean firm expressed its desire to cut stake in the Akkas gas field to pay off debt.