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 Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

DMW Marine Takes the Lead in Military Cranes

DMW Marine Group, LLC. has completed a number of projects for the U.S. Navy and foreign Navies in recent years, claiming a place as a go-to supplier for Navy departments globally.

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

Two ASC Kalmar Cranes for DP World Brisbane

Kalmar, part of Cargotec, has received an order from DP World Australia to deliver two new Kalmar automatic stacking cranes (ASCs) for its semi-automated terminal in Brisbane.

Energy

US Funding for Air Emissions/Alternative Energy Projects

The U.S. Maritime Administration (MARAD) announced that up to $1.3 million in Federal funding is now available through cooperative agreements for projects supporting

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

News

DMW Marine Takes the Lead in Military Cranes

DMW Marine Group, LLC. has completed a number of projects for the U.S. Navy and foreign Navies in recent years, claiming a place as a go-to supplier for Navy departments globally.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

USCG Tall Ship Sailing to the Bahamas

The U.S. Coast Guard Cutter Eagle is scheduled to arrive at Berth 14 at Prince George Wharf in Nassau, Bahamas on Thursday, May 28 as part of its 2015 cadet summer training deployment.

 
 
Maritime Careers / Shipboard Positions Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1708 sec (6 req/sec)