— Iraq, the holder of the world’s third-largest oil reserves, has opened nearly 90 percent of its reserves to international oil companies for development in two major bidding rounds this year as the war-plagued country tries to raise money amid falling oil prices.

Iraq, with at least 115 billion barrels in reserves, plans to add 4 million to 4.5 million barrels a day to its current 2.4 million barrels per day capacity over the next four to six years as it tries to rebuild its infrastructure and develop its economy.

On Wednesday, Oil Minister Hussein al-Shahristani kicked off the country’s second postwar bidding round, naming 11 oil and gas fields or groups of fields as eligible for development proposals.

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