Friday, March 27, 2009

Brazil's Petrobras may want a piece of Iraq

Look out old giants. Petrobras may end up competing with one U.S and two European companies looking to secure the rights to develop Iraq's Nahr Bin Umar oil field, reported a senior Iraqi official involved in the talks.

"Petrobras had carried out studies on Nahr Bin Umar during the 1970s and the Oil Ministry may invite it for negotiations," the official said. Earlier this week, an Iraqi oil official said Baghdad had invited a consortium of Total SA and Chevron Corp. to compete against StatoilHydro ASA and a fourth company which he didn't name.

Click here to read more about this development from the Dow Jones Newswires, courtesy of Rigzone