And the winner of Iraq's oil is...China?

The single successful contract went to a pairing of BP and the China National Petroleum Corp. for the largest field on offer: Rumaila, near the southern city of Basra, which has proven reserves of 17 billion barrels," the New York Times reported.

"But signs of stability in Iraq this year, and a planned American military pullout from Iraqi cities on Tuesday, happened to coincide with an aggressive Chinese push to buy or develop overseas oil fields."

Originally, the Times noted, the Iraqi government tried "to award oil fields to Western companies through a no-bid process. That prompted objections from a group of United States senators, who wanted greater transparency, and the plan was replaced with the auction, which had the effect of letting Chinese companies play a much larger role."