After watching Royal Dutch Shell go for the kill on Majnoon oil field, I’m stunned and I’m sure I’m not the only one. I expected companies to try and undercut each other to win one of the fields offered in the second bid round, before the door of Iraq oil closes again. But I didn’t expect them to go way below the maximum remuneration fee the oil ministry was willing…
Month: December 2009
2nd Bid Round: The Results – 11 December 2009
– MAJNOON OIL FIELD: THE BIDDERS: 1. Royal Dutch Shell (60%) – Petronas (40%) FEE BID: $1.39 PLATEAU: 1,800,000 b/d SCORE:100 2. Total (57%) – CNPC (43%) FEE BID $1.75 PLATEAU: 1,405,000 b/d SCORE: 79 Ministry Max Remuneration Fee: not revealed Majnoon contract awarded to SHELL – HALFAYA OIL FIELD: THE BIDDERS: 1. ONGC (50%) – TPAO (30%) Oil India (20%) FEE BID: $1.76 …
2nd Bid Round: D-day
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…
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…