Chinese companies win bids to explore Iraq for oil, gas

Chinese companies have secured four bids to explore oil and gas fields in Iraq, as announced by Iraq's oil minister during the ongoing licensing round. These licenses are part of a broader initiative to enhance domestic output, with Chinese firms exclusively winning bids for nine fields so far. Notably, no U.S. oil majors participated in this round, following recent discussions between Iraqi and U.S. officials. The exploration aims to boost gas production for local power needs, although some fields with significant gas potential received no bids.