The first field on offer was the day’s sole success story. But also underlined the government and the companies’ widely differing expectations.
Two consortiums, headed by British giant BP and Exxon Mobil, submitted offers for the Rumaila oil field – the largest prize on offer with 17.8 billion barrels in crude reserves.
The Exxon Mobil-led consortium, which included Malaysia’s Petronas, requested $4.80 per barrel for production over the minimum, while BP wanted $3.99 per barrel. The ministry was willing to pay $2 per barrel.
BP agreed to match the ministry’s price and won the contract for Rumaila.
