March 5 (Bloomberg) -- Iraq, holder of the world's third- largest crude oil reserves, is in ``advanced'' negotiations with international oil companies to develop five oil fields in the country.

``We hope to conclude a deal within weeks,'' Iraq Oil Ministry Spokesman Asim Jihad said today in a phone interview from Iraq. ``These deals will help us boost production by 500,000 barrels a day,'' he said.

In February, Iraq held talks with Royal Dutch Shell Plc, Exxon Mobil Corp., BP Plc, Chevron Corp. and Total SA on technical support contracts to help boost its oil-output capacity.

To contact the reporter on this story: Tarek Al-Issawi in Dubai at talissawi@bloomberg.net

Last Updated: March 5, 2008 07:47 EST