Kogas drums up Iraq spend

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Anthea Pitt

 28 January 2010 08:58 GMT

South Korea's Korean Gas Corporation (Kogas) has set aside $1.05 billion to cover development costs at Iraq's Badrah field.



Kogas is part of a Gazprom-led consortium developing the field. The group also includes Malaysia's Petronas and Turkey's TPAO.

A Reuters report said the consortium is set to invest a total of $3.52 billion to pump 170,000 barrels of oil per day from the field in eastern Iraq.

The investment follows an announcement last week that Kogas will invest $6.5 billion in the development of the Zubair field.

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