Turkey's TPAO wins two oil bids in Iraq

The Turkish Petroleum Corporation (TPAO) won two out of three bids to Iraqi oil fields at an international auction yesterday. Iraqi Oil Minister Hussain al-Shahristani said the sales are very important in boosting the country's war-ravaged economy. A consortium of TPAO, Kuwait Energy and the Korean Gas Corporation won the contract to develop the Mansuriyah field in Diyala province of northeast Baghdad, which has estimated reserves of 127 billion cubic meters. TPAO has a 50 percent stake, Kuwait Energy has a 30 percent stake, and Korean Gas has a 20 percent stake in the joint venture.