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Officials in Iraq have said that the Gulf state could soon rival Saudi Arabia in regards to oil output after the second bidding round for oil contracts in the country was concluded.
Most of the major oilfields were snapped up by international oil companies and the only fields that failed to attract interest were the ones with serious security concerns, like the supergiant East Baghdad.
“Iraq is a powerhouse in the region and it will regain its place, its rightful place,” Foreign Minister Hoshiyar Zebari is reported by Reuters as saying.
The absence of US oil companies from the winning bidders surprised many industry experts and appeared to contradict claims that they would end up being the major developers of Iraq’s vast hydrocarbon reserves.
Winners
West Qurna Phase Two
Location: South Iraq.
Won by: Lukoil (85%) & Statoil (15%). An as yet unnamed Iraq partner will be added at a later date with a 25% share taking Lukoil and Statoil 63.75% and 11.25% respectively.
Scope: Reserves of 12.9 billion barrels. Winning consortium pledged to raise production to 1.8 million barrels per day (bpd) with a remuneration fee of $1.15 per barrel.
Qayara and Najmah fields
Location: Northern Iraq near the city of Mosul.
Won by: Sonangol (Angola)
Scope: Reserves of 800 million and 858 million barrels respectively. Sonangol pledged to raise production to 120,000 and 110,000 bpd over nine years and will be paid $5 and $6 a barrel respectively.
Majnoon
Location: Southern Iraq, near Iranian border.
Won by: Shell-led consortium with Petronas.
Scope: Reserves of 12.58 billion barrels. Consortium to raise production to 1.8 million bpd over 10 years with a remuneration fee of $1.39 per barrel produced.
Gharraf
Location: Southern Iraq.
Won by: Petronas-led consortium with Japex.
Scope: Reserves of 863 million barrels. Consortium pledged to increase production to 230,000 bpd over 13 years with a remuneration fee of $1.49 per barrel.
Halfaya
Location: Southern Iraq.
Won by: China National Petroleum Corp.-led consortium with Petronas and Total.
Scope: Reserves of 4.1 billion barrels. Consortium pledged to increase production to 535,000 bpd over 13 years with a remuneration fee of $1.40 per barrel.
Badra
Location: Eastern Iraq near Iranian border.
Won by: Gazprom-led consortium with Turkey’s TPAO, Korea’s KOGAS and Petronas.
Scope: Reserves of 109 million barrels. Winning consortium pledged to raise production to 170,000 bpd over seven years with a remuneration fee of $5.5 per barrel.
Fields that didn’t attract bids
Kifl, West Kifl, Merjan, Qamar, Gullabat, Naudman, Khashim al-Ammar and East Baghdad.
Iraq Oil Ministry said it would develop them alone.
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