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US lags behind in Iraq oil bids

US oil groups were all but shut out of Iraq as the country completed the biggest oil field auction in history at the weekend.

European groups, including Royal Dutch Shell, Lukoil and Gazprom, and Asian groups, such as China's CNPC and Malaysia's Petronas, were the main winners at Iraq's second oil auction, which completed the sale of its large fields.

The two biggest fields in the 10-lot auction – West Qurna 2 and Majnoon – attracted many bids, although some smaller, conflict-hit fields went unsold.

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