Iraq Oil Fields

The scramble for Iraq's 'sweet oil' Aljazeera — With proven oil reserves of around 112 billion barrels and up to another 150 billion barrels of probable reserves, Iraq is the greatest untapped prize for international oil companies. To put that in context, if Iraq does turn out to have around 300 billion barrels of oil, it will rival the world's biggest producer Saudi Arabia - which has around 160 billion barrels of proven reserves. click to read complete article

Iraq: BP, Chinese win lucrative oil contract CNN — Iraq awarded a lucrative oil contract to BP and China National Petroleum Corp., government spokesman Ali al-Dabbagh said Wednesday, while rejecting other companies' offers for other oil fields. The joint BP-CNPC bid was for the al-Rumeila oil field, one of the largest in the world. The energy companies are expected to increase production at the oil field by 50 percent, to 285,000 barrels a day, for a service charge of $2 for each additional barrel produced, al-Dabbagh said in a statement. click to read complete article

Iraqi Oil Tender Ends Mostly In Stalemate Wall Street Journal — The Iraqi government and numerous international oil companies failed Tuesday to agree financial terms for all but one of a series of new contracts to boost output at the country's existing oil and gas fields, resulting in the failure of seven out of eight of the tenders. A consortium led by BP PLC (BP) and China National Petroleum Co. (0135.HK) won the first contract awarded, to boost output at Iraq's largest oil field, Rumaila, but consortia led by Exxon Mobil Corp. (XOM), Eni SpA (E), CNOOC Ltd. (CEO) and ConocoPhillips (COP) all rejected the Iraqi government's offers of payments for contracts on other fields, saying the prices were too low. click to read complete article