Iraq Advances Gas Field Deal With ConocoPhillips, Moves Forward With Mediterranean Pipeline To Bypass Hor

Iraq will begin discussions with a consortium including ConocoPhillips Co.

(NYSE:COP) on the exploration and development of the Akkas field and its surrounding areas, the country’s cabinet said.

The cabinet authorized on Saturday the country’s Ministry of Oil to sign the contract with the consortium.

Akkas, near the Syrian border, is one of Iraq’s largest undeveloped gas fields and is seen as key to reducing gas imports, The National reported.

The consortium also includes Los Angeles-based TI Capital, a private investment firm, and Novaterra Energy.