US firms move to develop Iraq's Akkas gas field as Baghdad targets 400 MMscfd by 2030
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US energy companies ConocoPhillips, TI Capital and Novaterra Energy signed a memorandum of understanding with Iraq's Oil Ministry in late July to assess development of the Akkas gas field in Anbar province. The agreement follows ConocoPhillips' acquisition of a 42% stake in BP's Kirkuk assets and a series of 48 US-Iraq deals signed during Prime Minister Ali al-Zaidi's first official visit. Iraq aims to raise Akkas output from 43 MMscfd to 400 MMscfd by 2030.
Key Facts
- Iraq's Oil Ministry targets Akkas gas field output of 400 million standard cubic feet per day by 2030, up from 43 MMscfd currently.
- An interim target of 143 MMscfd is set for mid-2027 under the existing contract with SLB covering six wells and a 100 MMscfd processing facility.
- ConocoPhillips acquired a 42% interest in BP Energy Company of Kirkuk Limited to redevelop five oil fields in northern Iraq.
- TI Capital is partnering with Chevron on a Kirkuk-to-Baniyas crude oil pipeline with a targeted capacity of up to 2 million barrels per day.
- Novaterra Energy and ConocoPhillips signed an agreement with Syria's state-owned SPC to rebuild gas infrastructure and increase output by 4-5 million cubic metres per day within one year.
Akkas Gas Development
The Akkas field in Anbar province is Iraq's most strategically important gas asset, with current output of 43 MMscfd. The Oil Ministry's 2030 target of 400 MMscfd represents a near tenfold increase. An interim target of 143 MMscfd is expected by mid-2027 under the existing SLB contract. SLB's contract covers drilling six wells and building a processing facility with 100 MMscfd capacity. Mohammed Yassin Hassan, director general of Iraq's Midland Oil Company, confirmed the interim target.
US Energy Agreements
In late July, Iraq's Oil Ministry signed an MoU with ConocoPhillips, TI Capital and Novaterra Energy to assess Akkas exploration and development. ConocoPhillips agreed to acquire a 42% stake in BP Energy Company of Kirkuk Limited to redevelop five oil fields in the Kirkuk area. TI Capital is partnering with Chevron on a crude oil pipeline from Kirkuk to Syria's Baniyas port with capacity up to 2 million bpd. Novaterra Energy and ConocoPhillips signed an agreement with Syria's SPC to rebuild gas infrastructure and boost output by 4-5 million cubic metres per day within one year. These deals were part of 48 agreements signed during Prime Minister Ali al-Zaidi's first official visit to the US.
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