VOICED: Iraq's oil reserves, an El Dorado for foreign firms

Iraq aims to generate $1.7 trillion in oil revenue over 20 years by opening its oil fields to foreign investment, a move opposed by many due to the industry's nationalization in 1972. The government insists this is for the country's benefit, but a recent auction failed as foreign firms found potential profits too low. Iraq needs modern technology and revenue for reconstruction, with its vast oil reserves offering potential, but challenges remain.

What was the outcome of Iraq's first oil auction in four decades?

What challenges does Iraq face in turning its oil reserves into revenue?