Iraqi OIl Goes to China

Forbes reports on China’s efforts to secure gas and oil field contracts with Iraq:

Chinese oil giants have turned to Africa and other developing countries to explore oil. With 115 billion barrels in proved remaining recoverable reserves, about 10% of the global total, Iraq has the world’s third-largest oil reserve after Saudi Arabia and Iran, and is China’s latest investment target.

To avoid unnecessary political pressure and to increase their chances to win the unprecedented oil projects, China Daily said Chinese companies might team up with foreign companies to form consortia to bid in Iraq’s second auction, continuing the strategy they used in the first round.

All the three Chinese major oil enterprises, paired with different overseas partners, took part in the bidding for all six oilfields and two gasfields contracts last Tuesday at Iraq’s first auction since the U.S.-led invasion.

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