Oil companies race to the finish as pre-registration for Iraq oil contracts closes…

As the final day of registration closes, Iraq’s Oil Ministry said more than 70 firms from around the world have submitted papers, Reuters reports. Iraq has the world’s third largest oil reserves – and is highly underexplored – and needs major investment into its oil sector ravaged by war, sanctions and Saddam Hussein’s mismanagement.

The Oil Ministry is going to vet those companies and announce the names next month of those who will be able to bid on contracts.