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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