Gulf News reported that Iraq will start preparations this week to hold a fourth licensing auction to award several oil and gas exploration contracts to international companies.

Mr Abdul Mahdi Al Ameedi head of Iraq's Petroleum Contracts & Licensing Directorate said that "God willing, we hope to hold the fourth bid round this year."

Mr Ameedi, whose office engineered three rounds in the last two years that led to awarding 15 oil and gas fields, didn't say how many exploration blocks would be offered in the new auction, but said it would include oil and gas ones.

Earlier, the country's newly appointed oil minister Mr Abdul Kareem Luaiby said that Iraq would offer some 12 blocks. He added that "The plan is to tender for blocks in governorates where no fields were offered in the first three rounds such as Najaf and Karbala governorates."

Mr Al Ameedi said that Iraq has raised crude oil production more quickly than expected, achieving an increase of more than 300,000 barrels a day. He added that "We are hoping to reach a total of 3 million barrels a day by the end of 2011."

(Sourced from www.gulfnews.com)