No bidders for Eastern Fields

BAGHDAD - None of the 42 companies attending Iraq's second licensing round offered bids for the Eastern Fields.

The Iraqi Oil Ministry wanted oil from the fields to be producing at 80,000 barrels per day (bpd) within seven years and then maintained for another seven years. The winning bidder would have to pay a $100 million and would be required to spend $150 million at least in project costs, which would be refundable.