Iraq’s early attempts to attract foreign investment into its oil sector have been largely unsuccessful so far, as Tuesday’s auctions of six oil fields and two gas fields have yielded only one sale. BP of the UK and China’s CNPC agreed to Baghdad’s tough pricing terms, and will turn the South Rumaila field into the world’s second largest oil producer. However, the remaining oil and gas fields, including the highly sought-after West Qurna field, did not attract high enough bids to meet the Iraqi oil ministry’s conditions.