UK and U.S. take lion's share in Iraq oil tender

[LauraK]

LONDON (Reuters) - U.S. and UK-based oil majors have taken the lion's share of Iraq's second post-Saddam crude oil sell tender, companies have confirmed.

A Royal Dutch/Shell spokesman said the major had been awarded two million barrels of Basra Light crude in the tender, which closed on Monday, joining U.S. ChevronTexaco and BP, who both confirmed winning earlier.

The fourth cargo went to Swiss-based trading house Taurus, the first trader to win a cargo since the U.S. invasion. Baghdad had expressed a preference for refiners in the tender.

It is the first time the British companies have been awarded Iraqi crude since the U.S.-led invasion. ChevronTexaco won its first Basra Light cargo in the previous tender.

Iraqi officials are due to confirm the awards later on Wednesday.
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http://www.reuters.co.uk/newsArticle.jhtml?type=businessNews&storyID=3059335

[ze_dscherman]

1. The juicy bit is in the bottom part

"The loading rate comes to a paltry 363,000 barrels per day (bpd), versus pre-war capacity from the north and south of over two million bpd, underlining Baghdad's difficulties in resuming sustained production from Iraq's troubled oil sector. "


According to http://www.gasandoil.com/goc/news/ntm32625.htm from June 26:

"Iraq is likely to pump in some 3.5 mm bpd of oil by next year and 6 mm bpd by 2010. "