Friday, December 11, 2009

Petronas unit among firms in 2nd round of Iraq oil bids

BAGHDAD: Iraq is offering some of the world's largest remaining untapped oilfields in an auction that will spark fierce competition as the world's largest energy companies fight for rare access to cheap Middle East reserves.

Iraq holds the world's third-largest oil reserves. The quality of the reserves - sitting in huge fields that are cheap to pump - offers an unparalleled opportunity for oil giants.

Iraq's second bidding round since the US-led invasion of 2003 offers the last of Iraq's supergiant oilfields, so Big Oil's most powerful deal makers are under pressure to walk away with a contract. This may be their last chance to secure access to billions of barrels of easy oil.

Malaysia's Petronas Carigali Sdn Bhd is one of the 44 companies that have qualified to compete in the two-day auction, which begins today. - Reuters

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