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Now that Iraq is an independent country, the oil ministry has started putting its oil fields up for bid to foreign investors, as reported in The Wall Street Journal (subscription required).

Bidding started this week and is not going well according to oil executives. The reason is that Iraq is cutting its payout to the bone. Only one consortium, led by BP (NYSE: BP) and including China National Petroleum Company, ended up staying in the bidding and making a deal. All other oil executives walked away from the bidding.

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The Iraq War was fought for oil -- now we have none of it originally appeared on BloggingStocks on Sun, 05 Jul 2009 11:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Alan GreenspanBPChina National PetroleumHussain al ShahristaniinthenewsIraq oil fieldsIraq WarRumaliaSun, 05 Jul 2009 11:10:00 EST