October 20, 2010
Kuwait-led consortium wins 2nd Iraq gas field
(AP:BAGHDAD) Iraqi Oil Minister Hussain al-Shahristani says a consortium grouping Kuwait Energy and the Turkish Petroleum International Co. has won the right to develop the 1.1 trillion cubic feet Siba gas field.
The Kuwaiti-Turkish consortium beat out Kazakhstan's KazMunaiGas EP JSC with an offer of $7.50 per barrel of oil equivalent and a targeted plateau production of 100 million cubic feet per day from the field that sits near Iraq's border with Kuwait and Iran.
Kuwait Energy chief executive Sara Akbar said the company's winning bid represents a "turning point in relation between the two countries, and their improvement in the future."
Relations between Iraq and Kuwait collapsed following Saddam Hussein's invasion of the tiny emirate in 1990. They have yet to fully recover.
http://news.ino.com/headlines/?newsid=689738666273790
Kuwait-led consortium wins 2nd Iraq gas field
(AP:BAGHDAD) Iraqi Oil Minister Hussain al-Shahristani says a consortium grouping Kuwait Energy and the Turkish Petroleum International Co. has won the right to develop the 1.1 trillion cubic feet Siba gas field.
The Kuwaiti-Turkish consortium beat out Kazakhstan's KazMunaiGas EP JSC with an offer of $7.50 per barrel of oil equivalent and a targeted plateau production of 100 million cubic feet per day from the field that sits near Iraq's border with Kuwait and Iran.
Kuwait Energy chief executive Sara Akbar said the company's winning bid represents a "turning point in relation between the two countries, and their improvement in the future."
Relations between Iraq and Kuwait collapsed following Saddam Hussein's invasion of the tiny emirate in 1990. They have yet to fully recover.
http://news.ino.com/headlines/?newsid=689738666273790
