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Ambitious oil firms dismayed at Iraq oil auction
[Al Arabiya Latest] It was for one of the biggest energy auctions in history that well-heeled executives braved the dust and danger of Baghdad this week to jet in and deliver bids for lucrative long-term oilfield contracts.For months Iraq had hyped Tuesday's auction as a triumph in transparency and a bonanza for global firms, fending off critics at home by promising the multibillion-dollar service deals would mark a turning point for the struggling oil sector. But by the end of the day, the carefully engineered auction had dissolved into chaos, with firms shaking their heads at exacting contract terms and wondering aloud how Iraq's cabinet would choose winners for deals that went unawarded. In a cavernous hotel ballroom in Baghdad's fortified Green Zone, exasperated executives crowded around a top auction official after a long day of bidding revealed a huge gap between what Iraq was prepared to pay them and what they expected. Posted by: Fred 2009-07-02 |
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