An Iraqi worker adjusts the valve of an oil pipe at south Rumaila oil field, in southern Iraq, Dec. 2, 2009. (Atef Hassan/Reuters)

Iraq's giant oil fields go on auction block

Royal Dutch Shell and Malaysia’s state-owned oil company win the biggest prize, the super-giant Majnoon field.

By Jane Arraf - GlobalPost
Published: December 12, 2009 11:19 ET

BAGHDAD, Iraq — Iraq literally rolled out the red carpet for foreign oil executives Friday at a bidding round that auctioned off the rights to develop some of the world’s last known giant reserves of cheap oil.

After the first oil auction in June, when international oil companies were asking up to 10 times more profit what the Iraqi government was offering, Friday’s...

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