Iraqi nat gas future bright, though uncertain

Iraqi officials and IOC execs meet in Istanbul, altering plans for the upcoming auction of three fields, amid rumors of a gas deal with Iran.
An Iraqi vendor sells gas cylinders in Baghdad on May 6, 2010. Iraq postponed until Oct. 1 an auction of three of its gas fields, in the war-torn country's third major attempt to develop its oil and gas sector. (ALI AL-SAADI/AFP/Getty Images)

Iraq has delayed for at least a month an auction of three natural gas fields which could see foreign companies develop enough of the resource to meet local demands and create a new export sector.

But terms have yet to be solidified for the contracts to be offered on Oct. 1, the oil ministry said.

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