Oil groups resist tough bid terms

Iraq's first big effort to attract foreign investment to its oil sector met stiff resistance from companies yesterday.

Only BP of the UK and China's CNPC were willing to agree to Baghdad's tough terms, allowing them to win a bid to turn the country's Rumaila field into the world's second largest.

In a process billed as crucial to Iraq's economic future, seven other oil and gas fields, including the highly sought after West Qurna field, failed to attract bids favourable enough to meet Iraq's conditions.

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