CNPC in Iraqi oil deal

China National Petroleum mounted aggressive bids for Iraq's oil fields in Baghdad over the weekend, AFP reported. CNPC, along with Malaysian state-owned oil giant Petronas, were part of consortiums that won four out of ten contracts handed out by the Iraqi government in an auction that was notable for its absence of US companies. Only one US company mounted a bid for any of the 10 oil fields on offer, and that was unsuccessful. Ruba Husari, the Baghdad-based founder and editor of www.iraqoilforum.com, said that state-owned firms benefitted from being able to lose money in the early stages of development, enabling them to think about the long-term picture in the region. "The Chinese, it was clear from the beginning that they were going to be very aggressive," she said. "They are the new majors of the 21st century." China's CNPC was the biggest member of the successful consortium bidding for the Halfaya oil field, just weeks after signing a deal with BP to increase production at Iraq's biggest oil field, Rumaila.