Iraq Begins Major Oil and Gas Auction - New York Times

’s huge oil reserves began Tuesday but seemed to run into difficulties when oil and gas companies demanded far more remuneration than the authorities were ready to pay.

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Symbolically, the sale, broadcast on television, coincided with the formal handover by American forces of security arrangements in urban areas to Iraqi forces — an economic counterpoint to the striving for political military independence underpinning the Iraqi takeover of patrolling Iraq’s restive cities. At the auction, each contender offered a sealed bid containing details of how much oil the developing company would produce and how much it expected to be paid for each barrel of oil produced.

Full Story: Iraq Begins Major Oil and Gas Auction - New York Times