International energy companies cool on Iraq
A fourth energy auction in Iraq has failed.
The two-day auction, in which it was hoped international investors would be attracted, closed last week with only three contracts awarded for 12 exploration blocks on offer.
It was the poorest performance from any of the Iraq energy auctions since 2009.
Many of the approved bidders, including Shell, BP and Chevron decided not to bid, saying they couldn't accept Baghdad's terms.
The oil companies had tried to extract a far better deal than the $6.24 per barrel that Baghdad was offering.
The Iraqi government had hoped to add some 29 trillion cubic feet of natural gas and 10 billion barrels of oil to its enormous reserves, which could have brought it close to being the world's top producer.
Source: Europe News.Net
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