Ministry claims oil policy vindication
Iraq Oil Ministry saying its hardline policies in the first bidding round was effective with oil majors now agreeing to its terms on two more major fields.BAGHDAD - Exxon Mobil, Lukoil, Conoco Phillips, Eni, Occidental and Kogas have all resubmitted bids for either the West Qurna Phase 1 or Zubair oil field projects in what the Iraqi government is claiming as a success for its stickler terms.
The two fields – along with four other oil fields and two gas fields – were offered in a June 30 auction but only the Rumaila oil field was awarded. BP with junior partner Chinese National Petroleum Corp. was the only companies at the time to agree to the ministry’s remuneration fee – the per barrel profit the companies would earn when production was increased – and slashed its initial offer in half to $2 per barrel.
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