Realism should be of order on Dec. 11 as international oil companies converge on Iraq’s oil ministry headquarters to make their last bid to enter Iraq while the door is still open. The 10 contracts on offer over the two days of Iraq’s second bid round will include the last Iraqi oil fields to be tendered to foreign firms for a long time to come. While still awash with undeveloped…
Tag: oil ministry
Iraq Vs Opec
Thamir al-Ghadban writes: “In view of the country’s need for greater revenue to satisfy its people’s needs and its desire to improve the living conditions after the long years of deprivation; the lost capacity over the past three decades which benefited other producing countries many of which sit on hundreds of billions of dollars in sovereign funds; forecasts of future supply and demand and the expected decline in the output…
Final Tender Protocol – Excerpts
Final Tender Protocol – Excerpts Bidding Schedule Dec. 11-12 Process Timeline: Bidding, Ratification, Signature Bidding Parameters & Bid Score Formula The Final 44 Pre-qualified Entities The 10 Contract Areas: Current Production, Minimum Plateau Production Targets, Plateau Duration, Signature Bonus, Minimum Expenditure Obligation
Early Bonanza
There is a bonanza for international oil companies who managed to make an early entry into Iraq. Operators like BP, Eni, Exxon Mobil – and to a certain extent CNPC which managed to convert its 1997 production sharing agreement for the development of Al-Ahdab field into a service contract last year – will have first call on the limited infrastructure capacity to absorb the new crude they will start pumping…