Iraq initials 2 deals to develop gas fields

A pair of international energy consortiums have initialed deals with Iraq to develop two prized gas fields.

Turkey's TPAO, with partners Kuwait Energy and Korea's KOGAS, signed deals with Iraq's government on Sunday to develop the 4.6 trillion cubic feet Mansouriya field in eastern Iraq for $7 per barrel of oil equivalent. Kuwait Energy and TPAO will also work together to develop the 1.1 trillion cubic feet Siba field in the south. They will be paid $7.50 per barrel of oil equivalent. (AP)