Iraq has received bids from three other consortia, led by BP plc, Exxon Mobil Corporation and ENI S.P.A for the same oil field. Royal Dutch Shell plc, China Petroleum & Chemical Corporation (Sinopec) and Total S.A have also submitted their bids.
An analyst with international firm said: “The OVL consortium may have good chances of winning the block, as the consortium members do not belong to the countries that were involved in invasion of Iraq in 2003. The political stability of Iraq will be another factor for exploitation of its oil reserves. With crude soaring over $73 per barrel, it may be a good investment for OVL, if it wins the bid.”
Iraq has expelled Reliance Industries Limited from submitting bids, as it is bidding for oil fields in the Kurdistan region against Iraq’s wishes.
