Turkey to invest $3.2 bln in Iraqi gas fields

23:23, October 21, 2010      

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Turkey would invest nearly 3.2 billion U.S. dollars in two natural gas fields in Iraq, a senior Turkish official said Thursday.

The Turkish Petroleum Corporation (TPAO) and its consortium partners won the tenders for two of three natural gas fields in Iraq on Wednesday and 100 billion cubic meters of gas would be extracted from those fields, Turkish Energy and Natural Resources Minister Taner Yildiz told the International Energy Congress.

The revenue earned from gas extraction in Iraq would be used to finance exploration of domestic resources, said Yildiz.

The consortium of the TPAO, the Kuwait Energy Company and the South Korean KOGAS on Wednesday won tenders for the operation rights of the Mansuriyah gas field in east Iraq's Diyala province and the Siba gas field in south Iraq's Basra province.

The consortium accepted the Iraqi Oil Ministry's offer of 7 U.S. dollars per barrel of oil equivalent (BOE) for the Mansuriyah field, which the Iraqi Oil Ministry says contains 128 billion cubic meters of reserves, according to the semi-official Anatolia news agency.

The consortium will operate the field for 13 years and targets a daily output of 6.4 million cubic meters, said the agency.

The TPAO in a Kuwaiti-led consortium also won the operation rights of the Siba gas field for 7.5 U.S. dollars per barrel of oil equivalent for a period of nine years with an output target of 2.8 million cubic meters per day.

The Siba gas field contains nearly 43 billion cubic meters of reserves, according to the Iraqi Oil Ministry.

Iraq has proven reserves of 112 trillion cubic feet of natural gas, but the country is only producing 1.5 billion cubic feet a day because of the poor infrastructure of the oil and gas industries.

Source: Xinhua


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