Iraq Secures Deal for Akkas Gas Field, Advances Pipeline Project

The government of Iraq has authorized its Ministry of Oil to sign a contract with ConocoPhillips for the development of the Akkas gas field, one of the country's largest undeveloped gas fields.

Akkas is located near the Syrian border and is expected to help reduce Iraq's reliance on gas imports. The consortium also includes TI Capital and Novaterra Energy, which describes itself as committed to investing in Syria to rebuild and enhance energy security.

The cabinet has also authorized Basra Oil Co. to sign a memorandum of understanding with the Syrian Ministry of Energy for a pipeline project linking Iraqi oil production to global export markets via the Mediterranean Sea.

This new pipeline will give Iraq its second direct oil export outlet to the Mediterranean Sea, reducing reliance on Persian Gulf exports and the Iraq-Turkey pipeline. Shipments through the Strait of Hormuz have become precarious due to the US-Iran war, with Tehran threatening tankers and maritime traffic.