Iraq Seeks Oil Investors in Post-Saddam Exploration Offer
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Iraq is preparing to hold its first auction of oil and natural-gas exploration rights since the 2003 ouster of Saddam Hussein, offering investors the opportunity to exploit the world’s fifth-largest crude reserves.
BP Plc and Royal Dutch Shell Plc, already partners at two of the country’s largest oil fields, are among the 47 companies pre-qualified to take part in bidding tomorrow and May 31, according to the Oil Ministry. Iraq’s main priority is to find gas deposits that can provide fuel needed to run power plants, the ministry said in a statement on its website last month.