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Akkas Contract Area - Bidding Results

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

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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