A group led by Lukoil won a bid for a key oil block in the second day of Iraq's energy auction after tough contract terms led to a disappointing opening to bidding on 12 new oil and gas fields for the OPEC member nation.
Lukoil and partner Inpex Corp won the deal for the 5,500-square-km Block 10 in Muthanna and Dhi Qar provinces in the south, which executives had expected to attract bids in an auction where investors have generally shied away.
A bid from Pakistan Petroleum won gas Block 8 in Diyala and Wasit provinces in eastern Iraq. But three other blocks, 7, 5, and 4, received no bids.
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