Chevron doesn't bid in Iraq's oil auction - San Francisco Chronicle

--Iraq's fledgling government opened its vast oil reserves to foreign companies today for the first time in decades, auctioning contracts to increase production in the war-torn country's sprawling oil fields.

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But the Iraqis drove a harder bargain than most oil companies - including San Ramon's Chevron Corp. - were willing to accept. Iraq wanted to sign up foreign companies to boost production at six existing oil fields and bring the government a needed infusion of cash. But the oil ministry offered the companies far lower profit margins than they wanted. Only BP and China National Petroleum Corp. accepted the government's terms.

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