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Iraqi oil for sale in TV auction Iraqi oil for sale in TV auction
(about 1 hour later)
There has been slow progress so far in the live television auction for contracts to run six oil fields and two gas fields in Iraq. A bid from Britain's BP and China's CNPC has won the first contract in the live televised auction for contracts to run oil and gas fields in Iraq.
The auction is the first big oil tender in Iraq since the invasion of 2003. Six oil fields and two gas fields are available in the first big oil tender in Iraq since the invasion of 2003.
They consortium took the contract for the 17 billion barrel Rumaila field after Exxon Mobil rejected the oil ministry's maximum service contract.
An undeveloped gas field has also been offered but there were no bidders.
The top bidders for two other oil fields are considering whether to accept the ministry's maximum payment.
Under the service contracts, successful bidders will be paid a certain amount for each barrel they produce above a specified minimum production level.Under the service contracts, successful bidders will be paid a certain amount for each barrel they produce above a specified minimum production level.
But the highest bidders for two of the fields have asked for more than the oil ministry is prepared to pay.
They have been given extra time to consider lowering their prices.
A third field that has been put up for auction has received no offers.
Raising productionRaising production
The 20-year contracts have attracted interest from 31 oil firms including Exxon Mobil, Royal Dutch Shell and Total.The 20-year contracts have attracted interest from 31 oil firms including Exxon Mobil, Royal Dutch Shell and Total.
Iraqi officials say companies from nations involved in the 2003 invasion will be neither favoured nor disadvantaged.Iraqi officials say companies from nations involved in the 2003 invasion will be neither favoured nor disadvantaged.
The auction was originally planned for Monday but had to be delayed because of sandstorms in Baghdad.The auction was originally planned for Monday but had to be delayed because of sandstorms in Baghdad.
"Our principal objective is to increase our oil production from 2.4 million barrels per day to more than four million in the next five years," Oil Minister Hussein al-Shahristani told Iraqi public television."Our principal objective is to increase our oil production from 2.4 million barrels per day to more than four million in the next five years," Oil Minister Hussein al-Shahristani told Iraqi public television.
Iraq has the world's third-largest proven oil reserves with 115 billion barrels, of which the fields up for auction account for about 43 billion barrels.Iraq has the world's third-largest proven oil reserves with 115 billion barrels, of which the fields up for auction account for about 43 billion barrels.
But there has been some controversy about the auction, with members of the Iraqi parliament objecting to not having the chance to approve the deals.But there has been some controversy about the auction, with members of the Iraqi parliament objecting to not having the chance to approve the deals.