Oil Majors Shun Iraqi Auction Over Stingy Lease Terms

Law360, New York (June 1, 2012, 8:42 PM EDT) -- The latest round of Iraqi oil lease auctions landed with a thud on Thursday, with only three of 12 exploration blocks sold, and none of them to a major U.S. or European driller, which industry watchers say are tired of settling for small fees for the oil they find while market prices push $100 per barrel.

Officials had hoped the auction, Iraq's fourth since 2009 and first for undeveloped fields, would attract foreign companies with the technology and risk appetite to explore untapped oil and gas...
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