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Rumaila 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 Rumaila Contract Area.

In total bids were received from 2 bidding groups involving 4 companies. The winning bid was from:

BP Exploration Operating Company Limited (Lead Operator)
CNPC International Ltd.
Plateau Production Target Bid: 2,850,000 BOPD
Remuneration Fee Bid: US$ 2.00 (3.99)/Bbl

The original bid was US$ 3.99 per barrel. The winning consortium accepted a match to the pre-determined Maximum Remuneration Fee of US$ 2.00 per barrel.

A consortium led by ExxonMobil submitted the highest scoring bid. However, their Remuneration Fee Bid was in excess of the Maximum Remuneration Fee (MRF) of US$ 2.00 / Bbl set by the Ministry of Oil. The consortium declined the opportunity, set in the bidding process protocol, to match the MRF set by the Ministry of Oil. match the MRF set by the Ministry of Oil. This match option was then offered to the consortium led by BP, who accepted.

In addition, a Signature Bonus of US$ 500 million is payable by the winning consortium. This will be repaid over 5 years, with interest, starting in 2011.

A summary of the bids as originally received was:
Consortium: ExxonMobil Iraq Limited (80.1%), PETRONAS Carigali Overseas SDN. BHD. (19.9%)
Plateau Production Target (Bopd): 3,100,000
Remuneration Fee Bid (US$/Bbl): 4.80
Points Rank: 100.0

Consortium: BP Exploration Operating Company Limited (66.67%)*, CNPC International Ltd. (33.33%)
Plateau Production Target (Bopd): 2,850,000
Remuneration Fee Bid (US$/Bbl): 3.99
Points Rank: 89.9

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