Iraq studying revised Exxon, Lukoil bid

Iraq's Oil Ministry is considering revised offers from Exxon Mobil and Lukoil for West Qurna, one of several oilfields for which Iraq failed to secure a developer in a June auction.

The auction was the centrepiece of Iraq's efforts to revive its lucrative but crumbling oil sector, battered by years of war and sanctions. Of eight fields offered, only one deal was signed after firms balked at the Oil Ministry's stiff payment terms.

"The Iraqi Oil Ministry is studying new offers from Exxon Mobil and Lukoil for West Qurna phase 1," Abdul-Mahdy al-Ameedi, deputy director of the ministry's contracts and licensing directorate, told Reuters on Sunday.