The OPEC oil producer signed a deal with South Korean group Kogas, Kuwait Energy Company, and Turkey’s state-owned TPAO to develop the Mansuriyah field near the Iranian border in volatile Diyala province.
The consortium won the deal for Mansuriyah at an auction on Oct. 20. Its proposed plateau production target was 320 million standard cubic feet per day, and it set a remuneration fee of $7 per barrel of oil equivalent.
Iraq then signed a deal with Kuwait Energy and TPAO to develop its Siba gas field in the relatively peaceful southern oil hub of Basra.
The companies won Siba with a plateau production target of 100 million cubic feet per day and a remuneration fee of $7.50 per barrel of oil equivalent.
TPAO has said the two partners expected to invest $1 billion in the field.
“After initially signing the contracts of Mansuriyah and Siba, we will send them to the cabinet for final approval, and then we will finally sign the contract with the companies,” said Abdul-Mahdy Al-Ameedi, head of the ministry’s licensing and contracting office.
