Iraq will sign initial contracts in July with three foreign companies that won deals to explore oil and gas blocks as it looks to attract more foreign investment to develop its energy sector.

The Opec member is expected to be the world's biggest source of new oil supplies over the next few years after signing contracts with international oil companies and plans to open up more rounds for additional oil and gas blocks for auction.

Abdul-Mahdy Al Ameedi, director of the oil ministry's contracts and licensing directorate said deals will be signed with Pakistan Petroleum on July 15, with a consortium led by Kuwait Energy on July 16 and with a group led by Russia's Lukoil on July 17.-Reuters