Oil Auction Disappoints As IOCs Reject Baghdad's Tough Terms

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Iraq's flagship oil bidding round, the country's first since Saddam Hussein's nationalisation of the energy industry in 1972, has largely failed as international oil companies (IOCs) shied away from the government's tough terms. Out of six oil and two gas fields on offer during the auction on June 30, only one, South Rumaila, was successfully granted to a foreign developer.