Iraq Opens Fourth Oil, Gas Bidding Round

Iraq opened its fourth oil and natural gas exploration bidding round Wednesday with 39 foreign firms registered to compete, reports said.

Associated Press reported that only areas with undetermined hydrocarbon resources are on offer, while previously the rights to known big and medium oil and gas fields were being auctioned off.

The government also added a clause for the first time that prevents companies from signing deals with regional authorities without the approval of the central government in Baghdad. Companies that violate the clause will have their contracts terminated, said Sabah al-Saidi, the deputy head of the Oil Ministry's Licensing and Petroleum Contracts department.