International oil majors such as BP and Royal Dutch Shell are preparing to return to Iraq in order to tap the country's vast oil reserves, it has been claimed.

According to the Financial Times, the two oil companies are among a number of international oil majors expected to bid for service contracts over the next month.

The firms have, over the course of the last week, assured the Iraqi state that they plan to work in the country.

Last month, Iraq's oil minister Hussain al-Shahrastani said that soft loans may be needed from the oil companies in order for successful training and development to be completed at these new oil sites.

Oil majors are hopeful of a quick return to the country, the FT claims. A BP spokesperson told the news provider: "If successful, we could see ourselves back in Iraq by the end of the year barring any unforeseen delays."

Written by Neil Burton

Global Education and Training event: Getenergy for Iraq