epa01647067 Iraqi Prime Minister Nuri al-Maliki speaks at a conference about the country's economic climate in central Baghdad, Iraq, on 25 February 2009. Iraq, which sits on the world's third largest known petroleum reserves, wants to diversify its revenues in the light of the tumbling price of crude oil. EPA/SABAH ARAR / POOL
Sandstorm delays Iraq auction
Iraq has postponed the first day of highly anticipated tenders for eight major oil and gas fields due to a thick sandstorm that engulfed Baghdad yesterday, the Oil Ministry said.
Ministry spokesman Asim Jihad said the ministry would begin announcing the winners of contracts to develop the fields on 30 June instead of 29 June because many executives had been unable to fly into Baghdad owing to the weather.
Jihad said the contracts might be awarded on one day instead of over two days.
Some of the world's biggest oil companies, such as ExxonMobil, Total and Shell, are competing for deals to develop the six oilfields and two gas fields in the war-weary country's first major tender since 2003.
Iraq has the world's third largest proven oil reserves, estimated at 115 billion barrels.