I personally had never heard of Ramco Energy or the man behind it, Steve Remp, before July 2008 when oil minister Hussein Al-Shahristani said to me in an interview in his office in Baghdad that Iraq Drilling Co (IDC) is forming a joint venture with this company that would transform the Iraqi state company into a drilling giant. A quick search and I understood why I could have never heard…
Month: July 2009
The BP Prize
Once again, the results of Iraq’s first bid round proved that access to Mideast oil comes at a premium to international oil companies. Call it an entry fee for securing a foot in this vast oil hub. The prize is the giant Rumaila fields which despite producing since 1954 for South Rumaila and 1972 for its northern extension, still carry a huge potential but not without challenges. Oil in place…
The Results
If you are trying to figure out who won and who lost in Iraq’s first bid round, consider this: 22 companies have participated in the licensing round making offers for six oil fields and one gas field, as leaders or members of consortia. One gas field, Mansuriya had no takers. China’s CNPC was the most aggressive taking part in 5 offerings followed by Malaysia’s Petronas which targeted 4. Oil majors…