ConocoPhillips Bid For Bai-Hassan Oil Field - Iraq Oil Min
30 June 2009 - 7:02PM
Dow Jones News
ConocoPhillips (COP) has teamed up with two Chinese oil
companies, China Petroleum & Chemical Corp., or Sinopec, (SNP)
and CNOOC (0883.HK), to bid for Bai-Hassan oil field in the first
round of auctions for eight oil and gas fields in Iraq, Oil
Minister Hussain al-Shahristani said Tuesday.
The ConocoPhillips-led consortium is seeking $26.70 for each
extra barrel of oil produced and intends to increase output at the
site to 390,000 barrels a day.
The Iraqi oil ministry is offering $4 per extra barrel
produced.
They are still negotiating and an announcement will be made
later, the minister said.
-By Hassan Hafidh, Dow Jones Newswires; + 962 799 831 831; hassan.hafidh@dowjones.com