International oil companies (IOCs) are looking to lobby the Iraqi oil ministry to ensure a fruitful bidding process on exploration licences in the country.

Reuters reports that IOCs are keen to capitalise on the next bidding process, due to commence in November, after coming away empty handed from the inaugural post-Saddam licensing round last month.

Speaking to the news agency anonymously, a senior executive of a participating IOC, said: "We'll need to see better margins, it's as simple as that."

In the last bidding round, only BP and China National Petroleum Corp secured the rights to drill in the country.

The executive commented: "It was incredibly competitive and there was nowhere else for us to go."

As well as pledging set production quotas, IOCs were also asked to demonstrate technical expertise, while other factors such as strength in training and development and corporate social responsibility were also considered in the bidding process.

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