Iraq Opens Bids for Oil Fields

From Bloomberg.

Iraq auctioned contracts Tuesday to run eight huge oil and gas fields, but only made a deal on one of the fields.

This is the second thing Iraq needs, jobs. Its national resource is oil. While only one of the eight fields received a deal, it points to changing times in Iraq. Iraq is moving from a wartime state to a peace time economy. These oil bids are just the first in a long line of future economic enterprises.

The fact that no companies bid on the other seven fields means Iraq has to go back and make them more competitive to oil companies.