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  …

Early Bonanza

There is a bonanza for international oil companies who managed to make an early entry into Iraq. Operators like BP, Eni, Exxon Mobil – and to a certain extent CNPC which managed to convert its 1997 production sharing agreement for the development of Al-Ahdab field into a service contract last year – will have first call on the limited infrastructure capacity to absorb the new crude they will start pumping…

First Bid Round Revisited

Lukoil’s Vagit Alekperov said his company has now changed its mind on West Qurna -1 oil field following a detailed analysis and is now ready to follow in the footsteps of BP/CNPC and sign up to develop the field for a $1.9/bbl remuneration fee, the maximum fee the Iraqi oil ministry was willing to offer oil companies when the first licensing round bids were opened on June 30. Lukoil is…