Iraq’s Ministry of Oil opened bidding for 12 exploration licenses under its fourth licensing round in Baghdad on 30 May. Forty-seven firms were pre-qualified to bid, under terms that will allow companies to immediately exploit any gas discoveries but require them to delay the development of any oil finds for up to seven years. Reuters quoted oil minister 'Abd al-Karim Luaibi as saying at the start of the auction: “We aim in this bidding round to also boost Iraq’s crude reserves and this will give a positive signal about Iraq as an oil producing and exporting country.”