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Iraq Finalizes Two Key Gas Deals

Iraq has signed two major gas deals with Turkey, Kuwait, and South Korea.

A contract developing the Mansouriya field in eastern Iraq, which contains 4.6 trillion cubic feet of gas, went to Turkish consortium TPAO partnered with state-run Kuwait Energy and Korean gas corporation KOGAS.

The other deal sees Kuwait Energy and TPAO develop the large southern Siba gas field, which has 1.1 trillion cubic feet of gas.

Oil Minister Abdulkarim al-Luaybi on June 5 hailed the signing as "a new beginning for the oil industry."

Iraq is located on top of the world's fourth-larges known reserve of crude, but infrastructure problems and elecricity shortages have crippled the development of its oil sector since the 2003 U.S. invasion.

compiled from agency reports