Much-hyped tenders for developing Iraq oil and gas fields out by June 30

The Iraqi Oil Ministry this month will announce the first round of tenders to develop several vast oil fields, a spokesman said Monday, The Associated Press reports. About 35 out of more than 70 international firms are qualified to compete for development of Iraq's oil reserves, seen as vital to supplying funds for rebuilding the shattered country.

Russia's largest independent oil producer LUKoil is hoping for success in negotiations with Iraq on a deal to develop Iraq's largest oil field, West Qurna-2, the company's CEO said on Saturday, RIA Novosti reports."We are hoping for the successful completion of negotiations after an oil law is adopted," Vagit Alekperov said.