Oil bidding opens for major stake in Iraqi fields notes Richard Gordon CEO and Chairman of Captrust International Singapore
Richard Gordon CEO and Chairman at Captrust International in Singapore notes Oil firms from around the world are poised to bid for the biggest stake in Iraq’s energy riches offered in decades.
Gordon stated, “The first round of bidding opens Friday under extremely tight security after a series of blasts around Baghdad earlier this week. A total of 45 firms are vying for 20-year contracts to develop 15 oil fields that hold nearly one-third of Iraq’s known reserves. The second round is scheduled for Saturday.”
Gordon continued, “The companies include many state-backed companies from Asia and Western giants Exxon Mobil Corp., Britain’s BP Group.”
Iraq’s first postwar bidding round in June flopped as firms resisted the financial provisions imposed by Iraq, which has the world’s third-largest known oil reserves.
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