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Conoco refuses to lower Bai Hassan bid

Conoco refuses to lower Bai Hassan bid

A consortium-led by U.S. oil firm ConocoPhillips has refused to lower its bid to develop the 2.4 billion barrel Bai Hassan oil field in north Iraq.
Oil Minister Hussain al-Shahristani said Tuesday that the consortium, which was the only one bidding for the field, refused to match the ministry's request for a $4 payout in exchange for each barrel of oil produced over a minimum target level.
The companies had requested $26.7 per barrel produced over a baseline level of 230,000 barrels per day.
Iraq is offering six oil and two gas fields in its first international oil auction in over three decades. But the companies have consistently been demanding more money than the government is willing to pay to develop the fields.


Updated : 2021-05-08 23:51 GMT+08:00