ConocoPhillips (COP) has teamed up with two Chinese oil companies, China Petroleum & Chemical Corp., or Sinopec, (SNP) and CNOOC (0883.HK), to bid for Bai-Hassan oil field in the first round of auctions for eight oil and gas fields in Iraq, Oil Minister Hussain al-Shahristani said Tuesday.

The ConocoPhillips-led consortium is seeking $26.70 for each extra barrel of oil produced and intends to increase output at the site to 390,000 barrels a day.

The Iraqi oil ministry is offering $4 per extra barrel produced.

They are still negotiating and an announcement will be made later, the minister said.

   -By Hassan Hafidh, Dow Jones Newswires; + 962 799 831 831; hassan.hafidh@dowjones.com