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Lukoil, Pakistan winners in underwhelming fourth bid round

Iraq has awarded three of 12 blocks on offer. Shrugging off disappointment, the Oil Ministry is pledging to hold a fifth bidding round next year.
Iraq Oil Minister Abdul Karim Luaibi opens the bid from Lukoil for Block 10 on the second day of Iraq's fourth bidding round, on June 1, 2012. (BEN LANDO/Iraq Oil Report)

BAGHDAD - Russian giant Lukoil and Iraq newcomer Pakistan Petroleum (PPC) won operator rights to explore two blocks expected to contain oil on the second and final day of Iraq's fourth contract licensing round.

Thursday saw increased competition for the blocks offered – only one block was awarded Wednesday – but Lukoil was the biggest of major international oil companies to place a bid.

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