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Akkas Contract Area - Bidding Results

Source: www.gulfoilandgas.com 6/30/2009, Location: Middle East

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The Petroleum Contracts and Licensing Directorate of the Ministry of Oil is pleased to announce the results of bidding for the Akkas Contract Area.

One bid was received from a consortium of five companies led by Edison. However, the Remuneration Fee Bid was in excess of the Maximum Remuneration Fee (MRF) of US$ 8.50 per barrel set by the Ministry of Oil. The consortium declined the opportunity to match the MRF set by the Ministry of Oil.

The bid as received was:
Consortium: Edison S.p.A. (30.0%) PETRONAS Carigali Overseas SDN. BHD. (17.5%), CNPC International Ltd. (17.5%), Korea Gas Corporation (17.5%), Turkish Petroleum Corporation (17.5%)
Plateau Production Target (MMscfd): 425
Remuneration Fee Bid (US$/BFOE): 38.00
Points Rank: 100.0

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