Russian oil giant wins top field in Iraq salesae
Source: Agencies |
December 13, 2009, Sunday
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Print Edition
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A CONSORTIUM led by Russia's private oil giant yesterday won the biggest prize of Iraq's second oil auction this year, nabbing a field initially promised them a decade ago by Saddam Hussein.
Other companies showed little interest in offerings outside the secure southern part of the country.
Lukoil and Norway's Statoil ASA won rights to develop the 12.88 billion barrel West Qurna Phase 2 field in the Basra region, beating out three other consortiums led by France's Total SA, Malaysia's state-run Petronas and British giant BP PLC.
The field was the crown jewel of Iraq's second international oil auction, which has placed some of the country's most coveted sites up for grabs compared with the riskier fields that drew little interest in the first auction in June.
In all, 15 fields were offered over two days, and of the seven offered yesterday, four were awarded.
"It is a big victory for Iraq," Oil Minister Hussain al-Shahristani said after the final field was auctioned. "It is a big achievement for Iraq to win such contracts at the current prices."
Al-Shahristani said that the contracts awarded over the two days, coupled with those awarded over the past few months, including the June auction, would help the country boost production to 12 million barrels per day in six years. Iraq currently struggles to produce 2.5 million barrels a day.
CNPC wins
In the opening round of the two-day auction on Friday, a consortium led by China National Petroleum Corporation (CNPC), China's largest oil and gas producer, together with Petronas and France's Total, won the contract to develop Iraq's Halfaya oil field, in Iraq's second oil field auction since 2003.
It offered a remuneration fee of US$1.40 per barrel in the deal for the Halfaya oil field, which has estimated reserves of 4.1 billion barrels of oil.
A CNPC representative said the competition was fierce, and that the final contract is likely to be signed within a month.
More than 40 world oil companies from 23 countries, including BP and Total, sought investment in 10 Iraqi oil fields. In the first auction round CNPC joined hands with BP to win the Rumaila oil field service contract.
Other companies showed little interest in offerings outside the secure southern part of the country.
Lukoil and Norway's Statoil ASA won rights to develop the 12.88 billion barrel West Qurna Phase 2 field in the Basra region, beating out three other consortiums led by France's Total SA, Malaysia's state-run Petronas and British giant BP PLC.
The field was the crown jewel of Iraq's second international oil auction, which has placed some of the country's most coveted sites up for grabs compared with the riskier fields that drew little interest in the first auction in June.
In all, 15 fields were offered over two days, and of the seven offered yesterday, four were awarded.
"It is a big victory for Iraq," Oil Minister Hussain al-Shahristani said after the final field was auctioned. "It is a big achievement for Iraq to win such contracts at the current prices."
Al-Shahristani said that the contracts awarded over the two days, coupled with those awarded over the past few months, including the June auction, would help the country boost production to 12 million barrels per day in six years. Iraq currently struggles to produce 2.5 million barrels a day.
CNPC wins
In the opening round of the two-day auction on Friday, a consortium led by China National Petroleum Corporation (CNPC), China's largest oil and gas producer, together with Petronas and France's Total, won the contract to develop Iraq's Halfaya oil field, in Iraq's second oil field auction since 2003.
It offered a remuneration fee of US$1.40 per barrel in the deal for the Halfaya oil field, which has estimated reserves of 4.1 billion barrels of oil.
A CNPC representative said the competition was fierce, and that the final contract is likely to be signed within a month.
More than 40 world oil companies from 23 countries, including BP and Total, sought investment in 10 Iraqi oil fields. In the first auction round CNPC joined hands with BP to win the Rumaila oil field service contract.
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