Was this a democratic decision made by the people of Iraq? Does this mean the Shell & Lukoil will pay enough royalties to return Iraq to high level of social infrastructure with the best medical and education system in the Mid East that made many western nations look pathetic in comparison?BAGHDAD (AP): A consortium led by Russia's private oil giant won the biggest prize of Iraq's second oil auction this year, nabbing a field initially promised them a decade ago by Saddam Hussein while other companies Saturday showed little interest in offerings outside the secure southern part of the country.
Lukoil and Norway's Statoil ASA won rights to develop the 12.88 billion barrel West Qurna Phase 2 field in the Basra region, beating out three other consortiums led by France's Total SA, Malaysia's state-run Petronas and British giant BP PLC.
The field was the crown jewel of Iraq's second international oil auction, which has placed some of the country's most coveted sites up for grabs compared with the riskier fields that drew little interest in the first auction in June. In all, 15 fields were offered over two days, and of the seven offered Saturday, four were awarded.
"It is a big victory for Iraq," Oil Minister Hussain al-Shahristani told reporters after the final field was auctioned. "It is a big achievement for Iraq to win such contracts at the current prices."
Shell was the big winner of the first auction. Shell says they plan to triple out put from Iraq to 21 Million BBL per day within three years.
Bye bye AB Scar Sands!