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BAGHDAD, Nov. 5 (UPI) -- Supermajors Exxon Mobil and Royal Dutch Shell on Thursday won the rights to develop the West Qurna-1 oil field in southern Iraq.
The team won the deal over rival offers from another consortium led by ConocoPhillips and Russian giant LUKoil. The China National Petroleum Corp. launched a separate bid.
CNPC and BP earlier this week signed off on a deal for the Rumaila field in southern Iraq.
The Exxon-Shell team had offered a deal for the West-Qurna field at $4 per barrel, but ultimately settled for a $1.90 per barrel arrangement with the Iraqi Oil Ministry, the Wall Street Journal reports.
The deal moves Iraq closer to its oil production goals. Oil analysts expect most of the resource fields in Iraq are underexplored or underdeveloped.
The deal requires approval from the Iraqi Parliament before it is finalized.
Iraq held a series of oil auctions in June, though many investors stayed away because of government terms and a risky security environment.
More than 40 companies will try again at a second round of bidding scheduled for Dec. 10.
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TEL AVIV, Israel, Feb. 8 (UPI) --
Israel is reported to be seeking to deploy fighter aircraft in Cyprus, its partner in developing a natural gas bonanza under the eastern Mediterranean, to protect these vital energy resources.
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WASHINGTON, Feb. 8 (UPI) --
Thousands of tiny unmanned aircraft or drones flying into civilian airspace over the United States can pose a security threat as they may be difficult to monitor in the long run and some craft may fall into enemy hands, security analysts say.
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Despite predictions that home prices are close to bottom, the leading provider of home equity protection sees its customer base exploding in 2012 because of changing consumer attitudes towards homeownership....
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With union workers protesting in the street, leaders in Greece met to hash out details of spending cuts that long ago crossed into draconian territory.
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