Details of third bidding round to be unveiled Thursday

Three gas fields to be offered to foreign investors in Iraq's third auction of hydrocarbons assets since June 2009.

BAGHDAD - Iraq's Oil Ministry will hold a press conference Thursday morning to detail the timeline, procedure and requirements for the world's biggest oil and gas companies to win development rights to three natural gas fields.

Iraq has the world's 11th-largest natural gas reserves but has not done much to develop the resource. Currently it produces natural gas primarily as a byproduct of oil extraction, and most of that is being flared rather than captured because the country lacks the infrastructure to treat and use the gas.

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