Exxon Mobil Corp. (XOM:US), the largest U.S. energy company, is bidding with Petronas Carigali Sdn Bhd for rights to develop the Rumaila oil field in southern Iraq.
The Exxon-led group plans to produce 3.1 million barrels a day at an average cost of $4.8 a barrel, according to a bid presentation in Baghdad today. Rumaila is now producing 956,000 barrels of oil a day, Oil Minister Hussain al-Shahristani said during Iraq’s first licensing round in Baghdad.
BP Plc (BP/), Europe’s second-largest oil producer, and China National Petroleum Corp. are also bidding for the Rumaila field with an offer to raise production to 2.85 million barrels a day at an average cost of $3.99 a barrel.
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