Zubair 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 Zubair Contract Area.

Bids were received from twelve companies in four consortia led by ENI, CNPC, ExxonMobil and ONGC Videsh. However, the Remuneration Fee Bid was in excess of the Maximum Remuneration Fee (MRF) of US$ 2.00 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 ENI, CNPC and ExxonMobil 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 Zubair Contract Area at this time.

The bids originally placed were:
Consortium: Eni Medio Oriente S.p.A.(35%), Sinopec International Petroleum Exploration and Production Corporation (20%), Occidental Petroleum Corporation (25%), Korea Gas Corporation (20%)
Plateau Production Target (Bopd): 1,125,000
Remuneration Fee Bid (US$/Bbl): 4.80
Points Rank: 100.0

Consortium: CNPC International Ltd. (66.67%), BP Exploration Operating Company Limited (33.33%)
Plateau Production Target (Bopd): 1,075,000
Remuneration Fee Bid (US$/Bbl): 4.09
Points Rank: 96.1

Consortium: ExxonMobil Iraq Limited (65.1%), Shell Iraq Petroleum Development B.V. (19.9%), PETRONAS Carigali Overseas SDN. BHD. (15.0%)
Plateau Production Target (Bopd): 850,000
Remuneration Fee Bid (US$/Bbl): 4.80
Points Rank: 70.4

Consortium: ONGC Videsh Limited (51%), JSC Gazprom neft (25.5%), Turkish Petroleum Corporation (23.5%)
Plateau Production Target (Bopd): 525,000
Remuneration Fee Bid (US$/Bbl): 9.90
Points Rank: 31.5

The additional bids were:
Consortium: Eni Medio Oriente S.p.A.(35%), Sinopec International Petroleum Exploration and Production Corporation (20%), Occidental Petroleum Corporation (25%), Korea Gas Corporation (20%)
Plateau Production Target (Bopd): 1,125,000
Remuneration Fee Bid (US$/Bbl): 4.40

Consortium: CNPC International Ltd. (66.67%), BP Exploration Operating Company Limited (33.33%)
Plateau Production Target (Bopd): 1,075,000
Remuneration Fee Bid (US$/Bbl): 3.99

Consortium: ExxonMobil Iraq Limited (65.1%), Shell Iraq Petroleum Development B.V. (19.9%), PETRONAS Carigali Overseas SDN. BHD. (15.0%)
Plateau Production Target (Bopd): 850,000
Remuneration Fee Bid (US$/Bbl): 3.80


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