Iraq throws open door to foreign oil firms

BAGHDAD (Reuters) – Iraq opened its giant oilfields to foreign firms on Monday, putting British and U.S. companies in pole position five years after U.S.-led troops invaded the country to oust Saddam Hussein.

The move to invite bids for the development of Iraq’s largest producing fields should mark the return of the oil majors, whose cash and expertise Iraq needs to restore its oil infrastructure that has been hard hit by sanctions and war.

But any awards to U.S. and British firms could anger opponents of the invasion, who have said the 2003 war was designed to give Western oil companies control over Iraqi oil reserves. U.S. and British officials have denied the charges.

Reuters