Iraq’s Cabinet has authorised the Minister of Oil to sign a memorandum of understanding (MoU) with a consortium of U.S. companies that includes ConocoPhillips, TI Capital, and Novaterra Energy.
The agreement focuses on evaluating the exploration and development potential of the Akkas gas field in western Iraq, one of the country’s largest gas resources, along with nearby areas that may hold additional energy reserves. The assessment is expected to help determine future investment opportunities and increase Iraq’s domestic gas production capacity.
The move comes as Iraq continues efforts to develop its natural gas sector, reduce gas imports, and make better use of its own energy resources.
The announcement also follows a recent development involving ConocoPhillips. Earlier this month, the company agreed to acquire a 42% stake in BP Energy Company of Kirkuk Limited (BP ECKL) from BP. The investment supports the redevelopment of four producing oil fields in the Kirkuk region of northern Iraq.
Together, these developments signal growing involvement by major international energy companies in Iraq’s oil and gas sector. If the Akkas project moves forward, it could help boost natural gas production, strengthen energy security, and support Iraq’s long-term plans to expand domestic energy resources while reducing reliance on imported gas.
