Petroleum Minister Ram Naik said on Thursday that he expected a new government in Iraq to honour any oil exploration contracts held by Indian companies.

"I expect that they will honour their international commitments. We have one block for exploration and production and we have also been purchasing crude on commercial terms from Iraq. We would like to continue the cooperation," Naik told Reuters.

ONGC Videsh Ltd, a unit of state-owned Oil and Natural Gas Corporation, was awarded Block No 8 in Iraq under the government of President Saddam Hussein. It was also negotiating along with Reliance Industries for a stake in the Tuba field.

The United Nations' Security Council on Thursday voted 14-0 to end 13-year-old sanctions on Iraq and gave the United States and Britain extraordinary powers to run the country and its oil industry.

Only Syria on the 15-member council did not cast a vote.

Following the toppling of Saddam Hussein, foreign oil firms have been left in limbo on whether contracts held in Iraq will be deemed binding.