The Petroleum Contracts and Licensing Directorate of the Ministry of Oil is pleased to announce the results of bidding for the Missan Contract Area.
One bid was received from a consortium of CNOOC and Sinochem. However, the Remuneration Fee Bid was in excess of the Maximum Remuneration Fee (MRF) of US$ 2.30 per barrel set by the Ministry of Oil. In accordance with the protocol for the bidding process consortia had the opportunity to match the MRF, although this was declined.
A further offer was received from the CNOOC consortium, details of which are also given below.
Following a meeting of the Cabinet on July 1 this additional offer was considered, but a decision was made not to award the Missan Contract Area at this time.
The bid as received was:
Consortium: CNOOC Limited (80%), Sinochem Corporation (20%)
Plateau Production Target (Bopd): 450,000
Remuneration Fee Bid (US$/Bbl): 21.40
Points Rank: 100.0
The additional bid was:
Consortium: CNOOC Limited (80%), Sinochem Corporation (20%)
Plateau Production Target (Bopd): 450,000
Remuneration Fee Bid (US$/Bbl): 18.09