Iraqi oil contracts to be auctioned in live TV 'game show'

Oil giants will be forced to tussle for contracts worth an estimated $16bn (£9.7bn) live on Iraqi television in a bizarre contest they fear could end up resembling a game show.

More than 30 energy companies, including BP, Shell and ExxonMobil may be forced to make last-minute alliances and reveal their offers in a tense round of bidding due to start early next week.

Iraq, which has the world's third-largest proven oil reserves, plans to conduct the bidding for contracts to develop six major oil and two gas fields publicly over the course of a few hours.