The bids are for 20 year service contracts. Above a certain minimum production, a per bbl. fee would be paid to the bidding company for any crude they produce in excess of that minimum target. Iraq set the fee at $2.00. (Reserves of 18 billion bbls, Rumala est., eventually could mean a lot of cash for the successful bidder at $2.00/bbl. You figure it out). Most bidders wanted more, but bargaining is normal and expected and is ongoing. Reportedly seven deals are being considered by the Iraqi government. A CNN report that the bidding is a flop is nonsense.
The eventual Iraqi take, if all goes well, is $1.7 trillion. I doubt that this will be reached, but it will be considerable in any case
Yet to be worked out, of course, after production is firmed, are contracts by Iraq for sale of the oil; contractors probably will end up as major buyers but this is up in the air.
Iraq's government says the KRG (Kurdish) contracts are illegal. If a central Iraq government is supported by the U. S., UK, UN, E.U. or whatever, there could be more violent disruption if the Kurds decide to force the issue. The U. S. has set 2011 for leaving the country, but this could change.
The U. S., UK, etc. and major oil companies have refused to deal with the Kurdish Regional Government, and support Iraq's rights as stated in their constitution (as presently written!). I dunno.