Chinese oil firms may bid for Iraqi oil fieldsChina's three largest oil companies may take part in Iraq's second auction of oil and gas fields, as the Asian giant seeks to strengthen its foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in the oil-rich nation, state media said. The country's top oil producer China National Petroleum Corp (CNPC CNPC China National Petroleum Corporation CNPC Centro Nacional de la Productividad y la Calidad (Chile) CNPC Commander, Navy Personnel Command CNPC China National Philatelic Corporation (Chinese stamp authority) ), Asia's largest refiner re·fine v. re·fined, re·fin·ing, re·fines v.tr. 1. To reduce to a pure state; purify. 2. To remove by purifying. 3. Sinopec SINOPEC China Petrochemical Corporation , and China National Offshore Oil Corp, all bid last week in Iraq's first auction of oil contracts since 2003, the China Daily said. Only CNPC, in a tie up with British energy British Energy plc (LSE: BGY) is the UK's largest electricity generator by volume and a constituent company of FTSE 100. It is primarily an operator of formerly state-owned nuclear power stations. giant BP, won a service contract to develop the Rumaila oil field, which was also the only contract awarded in the auction. CNPC and Sinopec may take part in the second auction, reported to be scheduled for the end of this year, as they "cannot neglect the rich oil and gas reserves in Iraq", the China Daily said, citing an unnamed source. Fu Chengyu, president of China National Offshore Oil Corp, has said that the company might participate in the second round of bidding as well, the report added. "Domestic oil companies will not miss this unprecedented opportunity," said the source, adding the firms may again join forces with foreign companies for the second round of bidding to reduce risk. China has been active in gaining a share in the oil market in Iraq, which has the world's third largest proven petroleum reserves. Last year, CNPC signed a three-billion-dollar deal to develop the Al-Ahdab oil field, marking the first major oil development deal that a foreign firm has secured in Iraq since the fall of Saddam Hussein Saddam Hussein (born April 28, 1937, Tikrit, Iraq—died Dec. 30, 2006, Baghdad) President of Iraq (1979–2003). He joined the Ba'th Party in 1957. Following participation in a failed attempt to assassinate Iraqi Pres. in 2003. Service contracts offered by Baghdad are based on companies accepting a fixed fee for the oil or gas extracted rather than an equity stake. 
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion