Oil: Oil giants rush to bid for Iraq contracts

Iraq's oil ministry has announced that over 70 international companies have registered to compete for tenders to help develop Iraq's oil reserves.

Included in the list of companies are oil giants such as Royal Dutch Shell, Total, Repsol YPF, ConocoPhillips, BP, and Norway's StatoilHydro.

Oil Ministry spokesman Asim Jihad told Reuters, "We are going to carefully study and check the documentation. Next month we will declare the companies which are permitted to work in the Iraqi oilfields" .

Iraq produces about 2.3 million barrels of oil a day, dwarfed by its 115 billion barrels of proven crude oil reserves. Only those of Saudi Arabia and Iran are larger.