Iraq is ready to welcome back foreign oil companies such as France's Total SA (TOT), French business daily La Tribune reported, quoting an interview with Iraqi oil minister Hussein Shahristani.
"It is time for them to come back and work in our country," said Shahristani, noting that companies would be safe to operate now due to higher security.
The Iraqi oil minister noted that contracts are now granted through "open, transparent and competitive" processes, the report said.
The Iraqi government has already launched a tender offer for the development of six oil fields and two gas fields and has received offers from 120 applicants and 35 companies, including Total.
The offers should be detailed in the second quarter and the government will make a decision about the eight fields by mid-year, Shahristani said.
Then a second round of tender offers will be made on 10 oil fields and one natural gas field and contracts should be signed by the end of the year, the minister also says.
Both rounds represent around $50 billion of investments and should boost Iraqi oil production to 6 million barrels per day within the next five to six years from 2.5 millions currently, the minister said.