Iraq opened its main oilfields to exploitation by international companies yesterday in a first step towards reintegrating its massive reserves into a market hitting staggering prices.

Hussain al-Shahristani, the Oil Minister, said that he was keen to use international finance and expertise to allow Iraq to realise its full oil potential, an important step to boosting reconstruction and ultimately ending the violence. He said that the Government had drawn up a list of 35 companies and six state-owned oil firms that would be allowed to bid for long-term contracts in six oilfields. ... Read full article