Iraq will begin discussions with a consortium including ConocoPhillips Co. (NYSE:COP) on the exploration and development of the Akkas field and its surrounding areas, the country’s cabinet said.
The cabinet authorized on Saturday the country’s Ministry of Oil to sign the contract with the consortium. Akkas, near the Syrian border, is one of Iraq’s largest undeveloped gas fields and is seen as key to reducing gas imports, The National reported.
The consortium also includes Los Angeles-based TI Capital, a private investment firm, and Novaterra Energy. Novaterra describes itself as committed to investing in Syria to rebuild and enhance the country’s energy security.
The cabinet also authorized Basra Oil Co. to sign a memorandum of understanding between the Ministry of Oil and the Syrian Ministry of Energy. The agreement is for a pipeline project linking Iraqi oil production to global export markets via the Mediterranean Sea.
Mediterranean Access
The pipeline gives Iraq its second direct oil export outlet to the Mediterranean Sea. The new pipeline will help Iraq reduce reliance on its Persian Gulf exports and Iraq-Turkey pipeline to Ceyhan, which has faced repeated disruptions.
Shipments through the Strait of Hormuz have become precarious during the US–Iran war, as Tehran threatens tankers and maritime traffic. The conflict has restricted oil flows to global markets.
The cabinet’s statement did not give details about the pipeline’s capacity, completion timeframe, or how it will be financed. Iraq and Syria have discussed reviving oil ties since the toppling of Bashar al-Assad in 2024.
A pipeline once carried Iraqi crude from Kirkuk to Baniyas on the Syrian coast, The National reported. It was shut down due to war and sanctions. Baghdad has started to reconnect energy infrastructure with neighbors to secure more stable export options.
Integrated Qayyara Project
The cabinet also authorized the ministry to put up for bidding the Integrated Qayyara Project “to develop oil infrastructure and raise production rates,” according to the statement.
The Integrated Qayyarah Project, located in northern Iraq, is part of a broader push to expand oil and gas production. The Qayyarah field holds roughly 800 million barrels of heavy crude and currently produces about 33,000 barrels a day.
ConocoPhillips is poised to increase its presence in Iraq this summer. It announced on July 17 that it has agreed to terms with BP BP p.l.c. (NYSE:BP) to acquire a 42% interest in BP Energy Company of Kirkuk Ltd. (BP ECKL).
This will support the ongoing redevelopment of four large-scale oil fields in the Kirkuk area of northern Iraq, it said in the statement. BP ECKL holds the Development and Production Contract (DPC) for the Baba and Avanah domes of the Kirkuk oil field and three adjacent fields of Bai Hassan, Jambur and Khabbaz.
The DPC includes an initial gross recoverable resource of more than 3 billion barrels of oil equivalent. The contract area includes additional exploration potential.
