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Bai Hassan Contract Area - Bidding Results

Source: www.gulfoilandgas.com 7/2/2009, 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 Bai Hassan Contract Area.

One bid was received from a consortium of ConocoPhillips, CNOOC and Sinochem. However, the Remuneration Fee Bid was in excess of the Maximum Remuneration Fee (MRF) of US$ 4.00 per barrel set by the Ministry of Oil. The company/consortium declined the opportunity to match the MRF set by the Ministry of Oil. In accordance with the protocol for the bidding process consortia had the opportunity to match the MRF, although this was declined.

A further offer was received from the ConocoPhillips consortium, details of which are also given below.

Following a meeting of the Cabinet on July 1 this additional offer was considered, but a decision was made not to award the Bai Hassan Contract Area at this time.

The bid originally placed was:
Consortium: ConocoPhillips Iraq Ltd (50%), CNOOC Limited (30%), Sinochem Corporation (20%)
Plateau Production Target (Bopd): 390,000
Remuneration Fee Bid (US$/Bbl): 26.70
Points Rank: 100.0

The additional bid was:
Consortium: ConocoPhillips Iraq Ltd (50%), CNOOC Limited (30%), Sinochem Corporation (20%)
Plateau Production Target (Bopd): 390,000
Remuneration Fee Bid (US$/Bbl): 20.20

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