Posts Tagged ‘gas fields’
Bidders & Bids: None
Ministry’s maximum acceptable Remuneration fee: –
Location: The block lies within the northwestern part of Iraq, about 100 km west of Mosul by the Syria-Iraq border and covers an area of around 7,300 km2.
Geology: Located in Rutba-Jezira tectonic zone, large structures remain undrilled. Two wells have been drilled in the north and the south of the block. Oil was tested from the Miocene and oil shows were obtained from many Mesozoic levels.
Signature Bonus: $15 Million
Minimum Expenditure: $110 Million…
The first day of Iraq’s oil ministry’s fourth bid round confirmed what many people, including those who worked on the model technical service contract, had expected: conducting exploration and development on the terms offered under these contracts is going to be a hard sale.
Kuwait Energy with its partners, Turkey’s TPAO and UAE’s Dragon Oil, was willing to play by what’s on the table to secure Block 9 because it made commercial sense for this small privately-held company. The block is located on the Iraqi-Iranian border just 20 km from …