First International Energy Company Pulls Out Of Iraq

May 19, 2011

Tags: Akkas, Anbar, Kazakhstan, Kirkuk, Oil
Posted in: Iraq

In October 2010 Iraq held its third energy auction. A South Korean and Kazakhstan consortium won the Akkas field in Anbar province. The local government however, protested the deal, and put up one objection after another. Seven months later, the Kazakhstan company pulled out, marking the first time a foreign firm has walked away from Iraq’s rich natural resources.

Hah! I so so called it! See Twelve Reasons Iraq Will Not Be a Major Energy Exporter.

Extra Credit News Item: Today’s bombing in oil-rich Kirkuk killed 27, injured 90.

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