For the first time in four decades, Iraqi oil goes international.

At least 30 companies will take part in the first bidding round for the service contracts of six oil fields and two gas fields in Iraq. 
 
On Tuesday, the Iraqi federal ministry of oil will announce the results of its auction.

Hussain Shahristani, the Iraqi oil minister, is convinced that the deals are in Iraq's best interests.

He said the country would earn $1.7 trillion over the next two decades
 
The contracts have not yet been signed, but they are already plagued with problems.
The Kurdish regional government in the north of the country has already made it clear that these contracts are illegal and in breach of the constitution.
 
We ask: What are the benefits, if any, and what are the risks of opening up the oil industry to foreign firms?

Inside Story, with presenter Hashem Ahelbarra, discusses with guests Ali Al-Dabbagh, Iraq's government spokesperson, Ashti Hawrami, the Kurdish minister for natural resources, and Peter Kemp, the editorial director at Energy Intelligence, an energy publishing group.

This episode of Inside Story can be seen from Monday, 29 June, 2009 at the following times GMT: Monday: 1730, 2230; Tuesday: 0430, 1030.