Oil majors mull bids for Iraq oil

China's three major oil companies are thinking of participating in Iraq's second auction of oil and gas fields later this year, in a move to get a better foothold in the country's oil industry.

China National Petroleum Corp (CNPC) and China Petrochemical Corp (Sinopec) may continue to bid in the second auction, as they "cannot neglect the rich oil and gas reserves in Iraq", said a source close to the situation.

Fu Chengyu, president of China National Offshore Oil Corp (CNOOC), said last Saturday that the company might take part in the second round of bidding, without elaborating.