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

Contracts

Activists Planning Protest Against Shell's Arctic Business

U.S. environmental activists said they planned to protest on Tuesday against the launch of the second of two oil rigs central to Shell's plans to drill for oil in the Arctic.

Protests Shut Channel Tunnel Again

The Channel Tunnel closed again on Tuesday due to protesting MyFerryLink workers, its operator Eurotunnel and French traffic supervision body Bison Fute said. The

CMA CGM, Chinese Bank in Finance Deal

French container shipping group CMA CGM said on Tuesday it will sign a $1 billion financing agreement with the Export-Import Bank of China. Marseilles-based

Energy

Voith Turbo Names Calhoun VP of O&G Sales

Shawn Calhoun has joined Voith Turbo’s Power, Oil & Gas Division as Vice President of Sales – Oil and Gas, to be based at the company’s new Houston, Texas office

Activists Planning Protest Against Shell's Arctic Business

U.S. environmental activists said they planned to protest on Tuesday against the launch of the second of two oil rigs central to Shell's plans to drill for oil in the Arctic.

Technip Wins Jurong's FPSO Conversion Contract

Technip has been awarded a topsides detailed engineering and procurement services contract by Jurong Shipyard Pte Ltd. The project is part of the conversion of a shuttle tanker into a floating,

News

Evergreen Names Penultimate L-type Containership

A naming ceremony was held for the Evergreen Group’s newest containership, Ever Lovely, the ninth of its L-type vessels to be built by CSBC Corporation in Taiwan

Voith Turbo Names Calhoun VP of O&G Sales

Shawn Calhoun has joined Voith Turbo’s Power, Oil & Gas Division as Vice President of Sales – Oil and Gas, to be based at the company’s new Houston, Texas office

Ki-tack Lim Elected as IMO Secretary General

Ki-tack Lim from the Republic of Korea has been elected as the new Secretary General of the International Maritime Organization (IMO), with effect from January 1,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority 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: 0.1329 sec (8 req/sec)