Iraq to announce 1st round oil tenders this month

The Iraqi Oil Ministry this month will announce the first round of tenders to develop several vast oil fields, a spokesman said Monday.

About 35 out of more than 70 international firms are qualified to compete for development of Iraq’s oil reserves, seen as vital to supplying funds for rebuilding the shattered country.

Among the top contenders are Royal Dutch Shell PLC, British Petroleum PLC, ExxonMobil Corp. and Chevron Corp.