Iraq begins oil and gas field bidding process for international oil firms

Iraq's Oil Ministry announced most of the details 35 of the world's largest oil companies were waiting for as the country begins to open the third-largest proven oil reserves in the world to foreign investors, Ben Lando reports for United Press International (registration free but required).

Oil Minister Hussain al-Shahristani led a delegation to London to meet with pre-selected oil companies approved to bid on nearly 38 percent of Iraq's 115 billion barrels of oil. Two gas fields are also up for grabs.