AK News reported that 41 companies around the world are preparing to enter Iraq's fourth oil licensing round on September 11th 2011.

Mr Abdulmahdi al Amidi ministry Director of Contracts and Licenses said that that 41 international energy firms chosen from among 50 according to size technical expertise and financial assets have registered bids.

Iraq a member of OPEC currently exports around 2.5 million barrels of oil per day but with and extractable reserve of 143 billion barrels the third largest in the world plans are afoot to increase output to around 12 billion barrels per day over the next 5 years.

(Sourced from AK News)