Akkas Gas Field Development Hit By Iraq Crisis- KOGAS

Posted by Joseph R. Fonseca
Sunday, June 15, 2014

Development of Iraq's Akkas gas field has been delayed because of the latest crisis in the OPEC member nation, South Korea's energy ministry said on Sunday, quoting project owner Korea Gas Corp.

An official at the state-run gas company who is familiar with the matter also told 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," said the KOGAS source, who declined to be identified because the matter was sensitive.

The United States ordered an aircraft carrier moved into the Gulf on Saturday, in case Washington decides to pursue a military option after insurgents overran areas in the north and advanced on Baghdad. An offensive by insurgents that threatens to dismember Iraq seemed to slow on Saturday.

In a statement, South Korea's energy ministry, which held an emergency meeting with related oil, gas and construction firms earlier in the day, said it would set up contingency plans for their projects in Iraq, including Akkas.

So far no major disruption has occurred, it added, including to crude oil imports from Iraq. South Korea imported $9.23 billion of crude from Iraq last year, accounting for 9.3 percent of its total imports, according to the ministry statement.

KOGAS is considering selling a stake of 49 percent in its fully-owned Akkas gas field, news agency Yonhap reported. A company spokesman declined to comment on the report, but a company source confirmed that a plan to reduce debt had been submitted to the government.

(Reporting by Meeyoung Cho)

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

POSCO Production at Indiana Ports to start in 2017

Officials from POSCO, the Ports of Indiana and community leaders gathered to break ground today on POSCO's new wire rod processing center at the Port of Indiana-Jeffersonville.

Ferry Conference: Technology Drives Vessel Advancements

On June 2-3, 2016,  the Ferry Safety and Technology Conference will be held in downtown Manhattan.   Throughout the world, the quickening pace of technological

Korean Shipbuilders Maintain Top Ranks, Despite Troubles

Korea's 'Big Three' shipbuilders are still the world's three biggest by order backlog, despite their troubled management, according to data from UK-based Clarkson Research Services.

Energy

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

India Instructs Disputed Tanker to Await UN Orders

India has instructed an Indian-flagged oil tanker that has been blacklisted by the U.N. not to discharge its cargo of crude oil from Libya's rival eastern government

Norway: Oil Industry Safety Deteriorated in 2015

The risk of accidents in Norway's oil industry rose last year after reaching record lows in 2014, a survey by the Nordic country's safety watchdog showed on Thursday.

News

Matson Announces Q2 Dividend of $0.18/Share

The Board of Directors of Matson, Inc. today declared a second quarter dividend of $0.18 per common share. The dividend will be paid on June 2, 2016 to all shareholders

Disabled Fishing Vessel Towed to Maine

The 60-foot fishing boat Paulo Marc was towed by the crew of U.S. Coast Guard Cutter Moray after the fishing vessel became disabled Wednesday about 90 miles east of Portland, Maine.

Blacklisted Oil Tanker Returning to Libya

An Indian-flagged oil tanker is returning to Libya, the North African country's rival oil corporation said on Thursday, after its failed first attempt to export

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0949 sec (11 req/sec)