Gulf Oil and Gas accountACCOUNT

Sonangol Awarded Najmah Contract Area

Source: www.gulfoilandgas.com 12/14/2009, Location: Middle East

The Petroleum Contracts and Licensing Directorate of the Ministry of Oil is pleased to announce the results of bidding for the Najmah Contract Area. In total 1 bid was received, as follows:

Operator: Sonangol (100%), RFB (US$/boe): 6.00 (8.50), PPT (bopd): 110,000.

The original consortium Remuneration Fee Bid was US$ 8.50 per barrel of oil equivalent (boe). However, Sonangol agreed to match the predetermined Maximum Remuneration Fee of US$ 6.00 per boe set by the Ministry of Oil, and is declared the winner of the bid.

(i) Companies/Consortia bids comprise two variables:

a. Remuneration Fee (RFB), expressed in U.S. Dollars per barrel of oil equivalent (US$/boe) and worth up to 80 points. Points are calculated by dividing the lowest RFB bid by all competing companies/consortia by the RFB bid, and multiplying by 80; and

b. Plateau Production Target (PPT), expressed in barrels of crude oil per day (bopd) and worth up to 20 points. Points are calculating by dividing the PPT bid by the highest PPT bid by all competing companies/consortia and multiplying by 20.

(ii) The RFB is payable on each barrel of crude oil and each barrel of oil equivalent of LPG and natural gas recovered from a gas processing plant, and transferred to the Regional Oil Company.

(iii) The RFB is payable once this Contract Area achieves a production of 20,000 bopd.

(iv) Costs incurred in developing the Contract Area are also paid by the ROC.

(v) The Plateau Production Target (PPT) must be maintained for a specified period, which is 9 years in the case of the Najmah Contract Area.

(vi) A signature bonus of US$ 100 million is also payable.

Oil Field Services News in Iraq >>

Oman >>  7/17/2019 - JGC Corporation (hereinafter referred to as "JGC") announced today that it has been awarded a Front End Engineering and Design (FEED) contract under a...
Saudi Arabia >>  7/10/2019 - McDermott International, Inc. (MDR) has been awarded a contract in excess of $1.5 billion for Package 4 of Saudi Aramco's Marjan Increment Development...

Saudi Arabia >>  7/9/2019 - Saudi Aramco has awarded 34 contracts with a total value of $18 billion for the engineering, procurement and construction of the Marjan and Berri incr...
Kuwait >>  7/1/2019 - Kuwait Oil Company (KOC) and Halliburton have signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) e...

Saudi Arabia >>  7/1/2019 - Saudi Aramco and Baker Hughes, a GE company (BHGE) signed a memorandum of understanding to create a new joint venture facility in Saudi Arabia to man...
United Arab Emirates >>  7/1/2019 - DP World PLC announces the acquisition of 100 per cent of Topaz Energy and Marine Limited (“Topaz”) from Renaissance Services SAOG and Standard Charte...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.