Asian companies the new players in Iraq's oil industry

The predominance of Asian operators among bidders for a chunk of Iraq’s vast oilfields shows the rising power of small and flexible state-run companies prepared to take risks, analysts say.

The latest bidding round, the second since the 2003 US-led invasion of Iraq, covers 11 gas and oilfields, including the massive West Qurna field where reserves are believed to extend to some 20 billion barrels of oil.

“Asian companies are more aggressive, prepared to take more risks,” said Manoucher Takin of the Centre for Global Energy Studies (CGES). “It has been the classic thing for the last few years.”
AFP