News Summary: Iraq holds postwar oil, gas auction

The Associated Press

HIGHEST BIDDERS; A Kuwaiti-led energy consortium on Wednesday won the right to search for oil and gas in southern Iraq as part of the country's fourth postwar energy auction. Two natural gas exploration deals attracted no bidders.

FOREIGNERS WELCOME: The Iraqi government seeks foreign investment to build up an energy sector hit by years of neglect and violence, including the turmoil following Saddam Hussein's 2003 ouster.

BLACK GOLD: Iraq holds the world's fourth largest oil reserves and oil revenues make up nearly 95 percent of the country's budget.