FACTBOX: Key points about Iraq's long-term oil contracts

(Reuters) - Iraq on Monday opened its giant oilfields to foreign firms, clearing the way for major investment by multinationals ushered out nearly 40 years ago under nationalization.

Following are key details announced by Oil Minister Hussain al-Shahristani at a news conference in Baghdad:

** The fields open for long-tern development contracts are Rumaila, Kirkuk, Zubair, West Qurna Phase 1, Bai Hassan and the Maysan fields. Maysan comprises three fields, Bazargan, Abu Gharab and Fakka.

** The aim is for foreign investors to help develop and boost output at those fields.

** Two gas fields, Akkas and Mansuriyah, are also open.

** Iraqi has prequalified 41 foreign firms for the contracts.

** The deals would hopefully be signed in June 2009.

** The contracts aim to raise output by a combined 1.5 million barrels per day. Iraq aimed to raise output to 4.5 million bpd by 2013 from the current 2.5 million bpd.

** Foreign firms that win contracts must take on a local partner who must have a minimum 25 percent stake in such deals.