Iraq approves oil deal with BP-led consortium - The Associated Press

By SINAN SALAHEDDIN(AP)– 10 hours ago BAGHDAD — The Iraqi government said Saturday it has approved a contract with a British-Chinese consortium to develop a prized oil field in southern Iraq, a significant achievement for a country that has struggled to attract foreign investors despite its vast natural resource wealth.

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The deal was the only one to emerge from a disappointing bidding round in June offering development rights for six oil and two gas fields. It was Iraq's first such bidding process in over three decades, but foreign firms felt the prices set by the government were too low given continued violence in the country and disputes over natural resource control. But things have been looking up in recent days for Iraq's hope to use increased oil revenue to recover from years of war and sanctions. Earlier in the week, three international consortiums agreed to meet the Iraqi government's price to develop oil fields in the country.

Full Story: Iraq approves oil deal with BP-led consortium - The Associated Press