South Korea’s Daewoo Engineering & Construction (E&C) has announced that it has won a US$709mn service contract to develop Iraq’s Akkas gas field project
Located in the western province of Anbar, Daewoo E&C will handle engineering, procurement and construction work for the processing facility and pipeline network at the gas field, which has reserves of 158bn cubic metres, Reuters reported.
The construction of the new facility would take around four years from start of work, a company statement said.
The federal government of Iraq had signed a contract in 2011 to develop the western Akkas gas field with South Korea’s KOGAS for a fee of US$5.50 per barrel of oil equivalent and a production target of 11.3mn cubic metres per day over 13 years.
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