West Qurna Contract Area - Bidding Results

Source: www.gulfoilandgas.com 7/2/2009, Location: Middle East

The Petroleum Contracts and Licensing Directorate of the Ministry of Oil is pleased to announce the results of bidding for the West Qurna Contract Area.

Five bids were received from eleven companies, bidding in four consortia led by ExxonMobil, CNPC, Lukoil and Repsol, and Total bidding on their own. However, the Remuneration Fee Bid was in excess of the Maximum Remuneration Fee (MRF) of US$ 1.90 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.

Further offers were received from the ExxonMobil and CNPC consortia, details of which are also given below.

Following a meeting of the Cabinet on July 1 these additional offers were considered, but a decision was made not to award the West Qurna Contract Area at this time.

The bids originally placed were:
Consortium: ExxonMobil Iraq Limited (80%), Shell Iraq Petroleum Development B.V. (20%)
Plateau Production Target (Bopd): 2,325,000
Remuneration Fee Bid (US$/Bbl): 4.00
Points Rank: 100.0

Consortium: CNPC International Ltd. (46.67%), PETRONAS Carigali Overseas SDN. BHD. (33.33%), Japan Petroleum Exploration Co., Ltd (20%)
Plateau Production Target (Bopd): 1,900,000
Remuneration Fee Bid (US$/Bbl): 2.60
Points Rank: 81.9

Consortium: Open Joint-Stock Company "LUKOIL Oil Company" (66.67%), ConocoPhillips Iraq Ltd (33.33%)
Plateau Production Target (Bopd): 1,500,000
Remuneration Fee Bid (US$/Bbl): 6.49
Points Rank: 56.8

Consortium: Total E&P Iraq (100%)
Plateau Production Target (Bopd): 900,000
Remuneration Fee Bid (US$/Bbl): 7.50
Points Rank: 28.7

Consortium: Repsol Exploration, S.A. (40%), StatoilHydro ASA (30%), Maersk Oile og Gas AS (30%)
Plateau Production Target (Bopd): 650,000
Remuneration Fee Bid (US$/Bbl): 19.30
Points Rank: 12.6

The additional bids were:
Consortium: ExxonMobil Iraq Limited (80%), Shell Iraq Petroleum Development B.V. (20%)
Plateau Production Target (Bopd): 2,325,000
Remuneration Fee Bid (US$/Bbl): 3.70

Consortium: CNPC International Ltd. (46.67%), PETRONAS Carigali Overseas SDN. BHD. (33.33%), Japan Petroleum Exploration Co., Ltd (20%)
Plateau Production Target (Bopd): 1,900,000
Remuneration Fee Bid (US$/Bbl): 2.58


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