Three oil companies secure exploration contracts in Iraq

Iraq has awarded contracts for oil exploration and development in 11 blocks near its borders with Kuwait and Iran to a trio of global energy firms.

Five of the oil exploration blocks failed to garner any bids while three went to UAE-based firm Crescent Petroleum, two to China's Geo-Trade and one to United Energy Group, also based in China, according to auction results. Meanwhile, another round could be held for the five blocks, the Iraqi official hinted.

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This is a major snub! Big oil bowed out here with the exception of Eni, who wasn't successful in its bid. 

The five blocks that didn't get any bids had issues, but why did Big Oil shirk the rest of the auction? 

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