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Iraq’s oil ministry has delayed the decision on which of the two consortia to have submitted bids to develop the 17 billion barrel Rumaila oilfield will be awared with the contract.Â
British supermajor BP, along with China National Petroleum Corp, submitted the first bid while ExxonMobil submitted the other in partnership with Malaysian oil giant Petronas. However, both consortia exceeded the per barrel fee Iraq was prepared to pay.
The Rumaila field lies along Iraq’s border with Kuwait and has a current output of between 950,000-980,000 barrels per day (bpd). The target output for the field is 1.75 million bpd.
The signature bonus either consortia will have to pay is US$500 million as well as guarantee another $300 million in development expenditure for the field.Â
The field currently being considered by Iraq officials is the 3.3 trillion cubic feet (tcf) Mansuriya gas field in the Diyala province east of Baghdad,
Day One
Rumaila 09:00 (local time), Mansuriya 11:00, Bai Hassan 14:00, Zubair 16:00
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Day Two
Missan Fields 09:00, Kirkuk 11:00, Akkas 14:00, West Qurna-1 16:00
Full list of Iraq oil contract bidders BHP Billiton, Eni, LUKoil, Occidental Petroleum, Sinochem, BP, ExxonMobil, Maersk Oil, ONGC, Sinopec, Chevron, Hess Corp., Marathon, PT Pertamina, StatoilHydro, CNOOC, INPEX Corp., Mitsubishi, Petronas, Total, CNPC, JAPEX, Nexen, Repsol-YPF, Turkish Petroleum Corp. (TPAO), ConocoPhillips, Gazprom Neft, Nippon Oil, Shell, Woodside Petroleum, Edison, Korea Gas Corp. (KOGAS)      Â
Source: IHS Global Insight, Iraqi Oil Ministry, media
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