Project Awardmedium confidence
US consortium signs MoU to assess development of Iraq's strategic Akkas gas field
oilprice.com · September 8, 2026 · Week 2026-37
Summary
Iraq's Oil Ministry has signed a memorandum of understanding (MoU) with a US-led consortium including ConocoPhillips, TI Capital, and Novaterra Energy to assess the exploration and development of the strategic Akkas gas field. The move is part of a broader push by US firms to re-engage in Iraq's energy sector, aiming to boost production to 400 MMscfd by 2030 and counter regional influence from Iran.
Strategic Implication
Signals a concerted US effort to secure a major non-associated gas resource in western Iraq, aiming to reduce the country's gas import dependency on Iran and re-establish an American IOC footprint.