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IOCs mostly reject terms of Iraq’s latest bid round

07/12/2009
By Eric Watkins
International oil companies (IOCs) have largely rejected terms offered by Iraq in the country’s first bidding process for more than 30 years, with one bid awarded for an oil field out of six offered and no awards given for two gas fields.BP PLC and China’s CNPC International Ltd. were the only bid winners, accepting a $2/bbl agreement to work in Rumaila oil field in southern Iraq, which has known reserves of 17.7 billion bbl.“BP and its partner CNPC are very pleased to have participated in the transparent and efficient process today,” said a BP spokesperson. “We are looking forward to the next step towards finalizing the service contract to increase productio...
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