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International companies win contracts to develop three gas fields in Iraq

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International companies win contracts to develop three gas fields in Iraq

Post  Shilo on Wed Oct 20, 2010 5:24 pm

International companies win contracts to develop three gas fields in Iraq

October 20th 2010

Baghdad, Oct.20 (AKnews) - Global companies have won contracts on Wednesday, three natural gas fields contracts that Iraq had proposed in the third licensing round.

The Oil Minister ,Hussain al-Shahristani said during announcing the names of the winning companies conference at the ministry in Baghdad that was attended by AKnews reporter that " Kojas the South Korean company and KazMunai for drilling and Production which is the second-largest oil company in Kazakhstan won a contract to develop Ukaz gas field in Anbar province in western Iraq ".

Siba, the smallest field up for auction, with reserves, according to al-Shahristani, of 34 billion cubic meters, went to a joint venture between Kuwait Energy and TPAO. The two firms, which have a 60-40 split in the venture, offered a contract at the equivalent of $7.5 a barrel and production plateau of 2.9 million cubic meters a day.
" Kokaz , the Korean company and KazMunai, the Kazakhstan company won developing Ukaz gas filed secured a 50-50 joint venture after presenting an offer of $ (5.5) for each barrel. " Shahristani added. Ukaz field is in the northern of Anbar near the Syrian border, its length is 500 square kilometers and width of 18 km square, it was discovered in 1992 and contains six-dug wells with reserves of up to 5.6 trillion standard cubic meters and with an investment value of up to $ 25 billion.

"The auction made by the French company Total and the Turkish company TPAO to develop the field has not been approved after presenting an offer of (19) dollars per barrel." the oil minister added. "The auction submitted by KazMunai Company has not been approved to develop Siba field after that giving an offer of 16 dollars per barrel."

"Developing al- Mansuriyah gas filed in Diyala was won by a consortium of three companies, which are TPAO by 50%, Kuwait Energy Company by 30% and KazMunai company by 20% after submitting a bid of 10 dollars a barrel at the time it demanded seven dollars per barrel. "

Ceiba field was discovered in Basra, in 1968, it contains three dug wells and reserves of up to 1.5 trillion cubic meters.

45 worldwide companies have competed to win the development of three fields in the third licensing round, after the two rounds of the first and second licensing was limited on developing 10 oil fields discovered but untapped.

According to the numbers of the Iraqi oil Ministry, Iraq's production of crude oil will rise in the next six years to reach about 12 million barrels per day from 2.4 million produced now.

Despite the volatility of the security situation in Iraq, but Iraq is seeking to exploit the energy sector for reconstructing the country's infrastructure after long years of war and siege.

The Iraqi oil Minister stressed " the urgent need to develop the gas fields to provide electricity as well as developing gas-consuming industries."

"The volume of gas in three fields is more than 11 trillion cubic foot, this round features the particular importance for developing gas in Iraq," expressing his hope that the winning companies would cooperate with the ministry to develop the fields and take advantage of them.

"it is hoped that the ministry would sign the contracts within the next few days of preliminary agreements with the winning energy companies," noting that "companies will get all the support that they need from the ministry to develop the fields."

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