Iraq offers giant oilfields to foreign firms

Iraq yesterday opened up some of its most prized oil and gas fields to international firms that have been excluded for decades, part of new deals that could more than double its output within a few years.

In a second bid round, following on from one earlier this year, Iraq has put forward 11 oil and gas fields, including super giants.

"Under service contracts prepared by the oil ministry, 11 oil and gas fields will undergo complete development," Oil Minister Hussain al-Shahristani told a Baghdad news conference.