Schlumberger awarded Iraq’s Akkas gas field development
Deal News | Apr 10, 2025 | Zawya
Schlumberger, a US-based company, has been awarded the first phase of the development of Iraq's Akkas gas field. This decision follows a meeting convened by Iraqi Prime Minister Mohammed Al-Sudani, where an urgent investment plan was agreed upon. Under this plan, Schlumberger will execute the first phase, while the Midland Oil Company will handle the subsequent stages. Previously, in 2024, the project was awarded to Ukraine's Ukrzemresurs Company, a decision that drew criticism due to the company's lack of familiarity and technology required for such a large-scale project. Akkas, located in the Al-Anbar governorate, was left undeveloped after South Korea's state-owned Kogas withdrew due to ISIS occupation nearly a decade ago. Discovered in 1992, the field boasts approximately 5.6 trillion cubic feet of natural gas reserves.
Sectors
- Oil and Gas
- Energy
Geography
- Iraq – The Akkas gas field is located in Iraq, specifically in the Western Al-Anbar governorate, and the development project is backed by the Iraqi government.
- United States – Schlumberger, the company awarded the development project, is based in the United States.
Industry
- Oil and Gas – The development of the Akkas gas field involves exploration and extraction of natural gas, which is a core activity of the oil and gas industry.
- Energy – The project involves the retrieval of natural gas, a significant component of the energy sector, which is crucial for meeting energy demands.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Schlumberger | Developer | Company | An American oilfield services company selected to develop the first phase of Iraq's Akkas gas field. |
| Iraq's Cabinet | Government | Government | The Iraqi government body that approved the investment plan for Akkas gas field development. |
| Midland Oil Company | Developer | Company | An Iraqi company responsible for developing subsequent phases of the Akkas gas field project. |
| Ukrzemresurs | Past Awardee | Company | A Ukrainian company initially awarded the project in 2024 but later criticized and possibly displaced from the contract. |
| Korea Gas Corporation (Kogas) | Former Developer | Company | The South Korean state-owned company that abandoned the Akkas gas field after it was captured by ISIS. |
| Iraq's Oil Ministry | Announcer | Government | The governmental department responsible for awarding and overseeing oil and gas contracts in Iraq. |
| Iraqi Parliament's Oil and Gas Committee | Critic | Government | The committee criticized the initial awarding of the project to Ukrzemresurs for its lack of capacity and expertise. |