S. Korean gas firm wins deal to develop Iraqi oil field

DUBAI, Dec. 13 (Yonhap) -- The state-run Korea Gas Corp. (KOGAS) has clinched a
contract to develop an oil field in Iraq in a significant move to secure a stable
energy supply for South Korea, sources here said Sunday.

According to the sources, KOGAS -- along with Russia's Gazprom, Turkey's TPAO,
and Malaysia's Petronas -- was awarded the contract at an international auction
held in Baghdad to develop the Badra oil field.
The oil field, 160 kilometers southeast of Baghda, is estimated to have reserves
of 770 million barrels. KOGAS has a 30-percent stake in the project with Gasprom
and Petronas that own 40 percent and 20 percent, respectively.
The sources said KOGAS and its partners will sign an official contract with the
Iraq Oil Ministry within a month and start to explore the field in the second
half of next year.
Iraq, which has the world's third-largest oil reserves after Saudi Arabia and
Iran, opened the development of oil fields to foreign investment for the first
time in 40 years through an inaugural bidding round in June.
sam@yna.co.kr
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