Three major China firms plan to enter bidding for Iraq oil deals
LONDON — China is preparing to compete in Iraq's second round
of energy licenses.
Industry sources said China's three largest energy companies were
working
to participate in the tender for the Iraqi oil contracts.
The Chinese
companies — China National Petroleum Corp., Sinopec, and China National
Offshore Oil Corp. — had submitted bids for the first round of oil
licenses.
China Petroleum has teamed with BP to win a contract to develop
Iraq's Rumaila oil field.
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This marked the only contract awarded in the
auction
in late June. In 2008, China Petroleum signed an agreement to develop Iraq's
Al Ahdab oil field in a project estimated at $3 billion.
The second round of Iraqi energy licenses was expected to take place by
2010. The sources said Chinese companies were seeking to team with Western
and other companies to bid for the Iraqi energy projects.
