Subscribe  Free Trial

Round 2 of the Iraq oil bidding battle begins

More than forty of the world’s largest oil companies brave increased security risks this weekend, for a piece of the world’s third largest oil reserves.

BAGHDAD - Asian, European and Turkish oil executives exchanged handshakes and smiles Thursday, awaiting an early morning flight to Baghdad. They represented three of 44 competitors angling for 10 of Iraq’s best untapped oil projects - on offer this Friday and Saturday in an auction at the Iraqi Oil Ministry.

The companies are also comrades of sorts, of a fraternity of foreign oil companies desperately trying to return to the world’s most prospective oil patch. After years of isolation, companies are willing to settle on 20-year service contracts rather than the production sharing agreements that have become the industry’s preference.

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.