International oil companies (IOCs) were too driven by greed during the last bidding round for exploration licences in Iraq, the head of the North Oil Company Manaa al-Obaydi has announced.

Speaking to Agence France-Presse, he said that despite the failure of the first round of talks, he is confident that the next bidding process will be more successful.

"I think the Iraqi government put up a price, which may or may not have been fair, but the bidders came with a price that is four times as much," he said.

He also reaffirmed the country's preference for on-equity service contracts and stated that national firms must retain control of the fields, while IOCs will be required to provide technical expertise and oil training to boost local employment.

In the last bidding round, only one of the eight contracts up for tender was sold, with BP and China National Petroleum Corp becoming the first IOCs to enter the country since the imposition of sanctions following the invasion of Kuwait in 1990.

Global Education and Training event for Oil and Gas: Getenergy for Iraq