Thursday, May 6, 2010

Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) Bidding on Iraq Gas Fields

Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP), among a number of other energy companies, have been invited to bid on licenses for three major gas fields in Iraq; the Akkas field, the Mansouriya field and the Siba field.

Iraq is rated as the 11th in size for natural gas reserves, with an estimated 3.15 trillion cubic meters. Production at this time stands at 1.64 billion cubic feet a day.

The gas fields are being offered for auction because of the shortage of natural gas needed to run the power generators in Iraq, which at this time are providing less that half of what the country needs.

Other companies among the 45 invited to the auction include BP PLC (LSE:BP) (NYSE: BP), Occidental Petroleum (NYSE:OXY), Royal Dutch Shell (NYSE: RDS-A) and Total SA (NYSE:TOT).

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