BP-China National Petroleum Company Win Iraq's First Oil Auction

Last week a partnership involving BP and the China National Petroleum Company won the right from the Iraqi government to extract oil from the Rumaila oil field.

All other major oil companies -- including ConocoPhillips and Exxon Mobil -- did not complete the bidding process. The next auction will be held by the Iraqi government later this year.

A story in The Los Angeles Times ("Iraq awards BP-led consortium a contract to develop oil field," July 1, 2009) suggested that the auction was not the major success the government had hoped for:

"The disappointing outcome to the widely anticipated event, which was planned a year ago, suggested that international oil firms aren't as eager to invest in Iraq as the government had hoped and that there will be no quick fix for the nation's looming financial problems."

An interactive overview of what Iraqi oil field are available can be accessed by clicking here.