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Workshop with firms bidding in 2nd oil licensing round

September 9, 2009 - 07:39:12

BAGHDAD / Aswat al-Iraq: The Iraqi Ministry of Oil will hold an Istanbul-based workshop with companies bidding in the second international oil licensing round, according to a ministry statement.

“The workshop will be held in October to respond to questions from companies bidding for oil contracts,” a statement received by Aswat al-Iraq news agency quoted an official ministry source as saying.
“A total of 45 companies from 23 countries are bidding to develop 10 oil fields,” the statement noted.
The first international oil licensing round included six oil fields, which provide more than 80 percent of Iraq’s total production of oil.
The Iraqi government approved a BP and CNPC consortium’s offer to develop a giant oil field in the south.
Under the contracts, the two companies are paid a per barrel price for production over a minimum target level. BP and CNPC had bid $3.99 per barrel, but slashed their price to the $2 per barrel payment sought by the Iraqi Ministry of Oil.

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