Few Bidders to Develop Iraqi Oil and Gas Fields
Published at: www.nytimes.com
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BP Steals a March on Competitors in Iraq
July 3, 2009
BP's bid for the Rumaila oil field has been approved by Iraq's cabinet. Bids were rejected on 6 other fields, and the 8th contract (Mansuriyah gas field) saw no bids. Iraq presents the classic oil industry case of IOC knowledge and money combining with an NOC's access to reserves to secure production. The fee based contract for the Rumaila oil field is reported at $2/bbl and will...
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Michael LynchConsultantMichael E. Lynch
The BP/China National joint venture has hard redevelopment work facing it
July 2, 2009
Timothy Williams in Baghdad reported in the July 1 issue of the New York Times that the Iraqi government failed to attract good offers in a public auction on Tuesday for rights to its oil fields. The single successful contract went to a joint venture of BP and China National Petroleum Corporation. The two companies won the right to develop Rumaila with reserves of 17 billion barrels, near the city...
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