Iraq’s oil ministry did well in choosing different companies to represent the state stake in the consortia awarded contracts to develop oil fields. Unlike the old days when the state oil marketing organization (Somo) was considered the de-facto state partner, including in five oil deals signed before the 2003 toppling of the previous regime (two production sharing contracts with CNPC and Lukoil and three exploration contracts with PetroVietnam, ONGC and…
Tag: Badra
The Real Winners
In retrospect, and despite what was considered at the time a ridiculously low fee, producing oil fields awarded to international oil companies in the first bid round turned out to be the most lucrative in terms of the service fee they will be paid. That’s excluding the three fields that will be producing less than 200,000 b/d (see table below). Even with the protracted negotiations over amendments to the final producing…
Final Tasks
The formal signing Sunday of the final agreement for the development of the Majnoon oil field in southern Iraq by Royal Dutch Shell and its Malaysian partner Petronas, set the ball rolling for a series of signatures this week and next. By the end of January, all contracts awarded in the first and second bid rounds will become effective and operators will start the actual work on the ground. Southern…
2nd Bid Round: The Results – 12 December 2009
– WEST QURNA- Phase 2 OIL FIELD THE BIDDERS: 1. Total (100%) FEE BID : $1.72 PLATEAU:1,430,000 SCORE: 69 2. BP (51%) CNPC (49%) FEE BID: $1.65 PLATEAU: 888,000 SCORE: 66 3. Petronas (60%) Pertamina (20%) Petrovietnam (20%) FEE BID: $1.25 PLATEAU: 1,200,000 SCORE: 87…