12 oil and gas blocks auction.

by lynx69 Wed May 30, 2012 11:38 am

http://www.energy-daily.com/reports/Iraq_offers_12_oil_and_gas_blocks_in_latest_auction_999.html

by lynx69 Thu May 31, 2012 11:33 am

Only one sold.

http://www.energy-daily.com/reports/Just_one_block_sold_on_first_day_of_Iraq_energy_auction_999.html

by **Terbo56** Thu May 31, 2012 11:34 am

Maybe someone needed an 'oil' change, AND a tank of gas- Laughing

by **Kevind53** Thu May 31, 2012 12:13 pm

Sounds like there is to be more bidding today by 4 other groups. It also sounds like perhaps Iraq was a little too greedy in their minimum bids. Still, I liked the last couple of paragraphs.

Iraq is looking to ramp up its exports from its current level of around 2.5 million barrels per day.

The country has proven reserves of 143.1 billion barrels of oil and 3.2 cubic metres (111.9 trillion cubic feet) of gas, both of which are among the highest such deposits in the world.