Iraq has opened its oil fields for exploitation by foreign companies for the first time since 1972. In that year, Saddam Hussein nationalised oil extraction and forced foreign companies out of the country. Iraq has made six fields available, because it wants to increase its oil production. To do this it needs technology from large oil companies.

Up to now the auction of the oil fields has been difficult. Many companies have withdrawn, because they can only get a couple of dollars per barrel.

Shell and ExxonMobil have given up their endeavours for the Zubair field in central Iraq. Royal Dutch Shell is still in the race for a large oil field near Kirkuk in the north. The largest oil field is going to BP and CNPC. They agreed to a deal in which they only receive two dollars per barrel from the massive Rumaila field in southern Iraq.

Photo: Oil fields in Iraq - vnf.com