Iraq to award oil contracts to foreign companies

Iraq on Monday will award oil contracts to dozens of foreign companies in a bid to boost production that could also give multinationals a foothold in the country's huge but underdeveloped oil fields.

The oil ministry is to hold a press conference to announce the deals which include five technical support agreements with companies such as Shell, ExxonMobil, Chevron, Total and BHP Billiton, ministry spokesman Asim Jihad said.

The ministry also plans to sign contracts with 41 other foreign companies for extracting oil, . . .