x Abu Dhabi, UAETuesday 25 July 2017

Iraq oil deals

Here are details of deals Iraq struck with foreign energy consortiums on seven oil fields during a two-day auction.

Iraq struck deals with foreign energy consortiums on seven oil fields during a two-day auction which concluded today that aims to help the country dramatically boost output. Three other fields, East Baghdad, Eastern Fields and Middle Furat, did not receive any bids. Here are details of the deals that were agreed. West Qurna-2 Winning bidder: Lukoil - 85 per cent (Russia), StatoilHydro - 15 percent (Norway).

Terms: $1.15 per barrel of oil extracted, with projected output of 1.8 million bpd. Known reserves: 12.876 billion barrels of oil. Other bidders: Petronas (Malaysia), Pertamina (Indonesia), PetroVietnam (Vietnam) requested $1.25 per barrel with estimated production of 1.2 million bpd. - Total (France) asked for $1.72 per barrel with projected output of 1.43 million bpd. - BP (Britain) and CNPC (China) requested $1.65 per barrel with estimated production of 888,000 bpd.

Majnoon Winning bidder: Shell - 60 per cent (Britain-Netherlands), Petronas - 40 per cent (Malaysia). Terms: $1.39 per barrel of oil extracted, with projected output of 1.8 million barrels per day (bpd). Known reserves: 12.58 billion barrels of oil. Other bidders: Total (France) and CNPC (China) requested $1.75 per barrel, with estimated production at 1.405 million bpd. Halfaya Winning bidder: CNPC - 50 per cent (China), Petronas - 25 per cent (Malaysia), Total - 25 per cent (France).

Terms: $1.40 per barrel of oil extracted, with projected output of 535,000 bpd. Known reserves: 4.098 billion barrels of oil. Other bidders: Statoil (Norway) and Lukoil (Russia) requested $1.53 per barrel, with estimated production at 600,000 bpd. - ONGC (India), TPAO (Turkey), and Oil India (India) asked for $1.76 per barrel with projected output of 550,000 bpd. - ENI (Italy), Kogas (South Korea), Occidental Petroleum (US), Sonangol (Angola), and CNOOC (China) requested $12.50 per barrel with estimated production of 400,000 bpd.

Garraf Winning bidder: Petronas - 60 per cent (Malaysia), Japex - 40 per cent (Japan). Terms: $1.49 per barrel of oil extracted, with projected output of 230,000 bpd. Known reserves: 863 million barrels of oil. Other bidders: TPAO (Turkey) and ONGC (India) requested $2.76 per barrel of oil extracted, with estimated production of 200,000 bpd. - KazMunaiGas (Kazakhstan), KoGas (South Korea) and Edison (Italy) asked for $2.55 per barrel extracted with projected output of 185,000 bpd.

- Pertamina (Indonesia) requested $7.50 per barrel of oil extracted, with estimated production of 150,000 bpd. NAJMAH Winning bidder: Sonangol - 100 per cent (Angola) Terms: $6 per barrel of oil extracted, with projected output of 110,000 bpd. Known reserves: 858 million barrels of oil. Other bidders: None. Qaiyarah Winning bidder: Sonangol - 100 per cent (Angola). Terms: $5 per barrel of oil extracted, with projected output of 120,000 bpd.

Known reserves: 807 million barrels of oil. Other bidders: None. Badra Winning bidder: Gazprom - 40 per cent (Russia), KoGas - 30 per cent (South Korea), Petronas - 20 per cent (Malaysia), TPAO - 10 per cent (Turkey). Terms: $5.50 per barrel of oil extracted, with projected output of 170,000 bpd. Known reserves: 109 million barrels of oil. Other bidders: None. *AFP