Iraq Oil Bid Round puts Signature Bonuses To $ 2.6b
Amman (Dow Jones) - The Iraqi ministry of oil signature bonuses have increased significantly for international oil companies to 2.6 billion dollars to six oil and two gas fields in Iraq announced the first round, depending on the final bid document issued by the Ministry.
The Final Tender Protocol, or FTP, a copy of which was obtained by Dow Jones Newswires Tuesday, shows 200 million dollars for each of the Akkas and Mansouriya gas fields up to 500 million dollars in the super giant Rumaila oil field. While premiums for Kirkuk and the West Qurna Phase 1 oil field 400 million dollars each, and 300 million dollars for each of Zubair, Missan, and Bai Hassan oil fields.
The new amount represents a sharp increase from what the ministry announced earlier. A previous draft of the Protocol shall show that the companies will pay a signature bonus 10 million U.S. dollars of oil and gas output to 100,000 barrels per day or the equivalent, and 50 U.S. dollars per barrel for each additional barrel produced.
FTP and model contracts have been sent to the international oil companies on Thursday after the ministry has introduced some changes to the former, he said, including a note attached to the documents signed by the Director-General of the Ministry of Petroleum Contracts and Licensing Directorate, Natiq al-Bayati.
The Final Tender Protocol, or FTP, a copy of which was obtained by Dow Jones Newswires Tuesday, shows 200 million dollars for each of the Akkas and Mansouriya gas fields up to 500 million dollars in the super giant Rumaila oil field. While premiums for Kirkuk and the West Qurna Phase 1 oil field 400 million dollars each, and 300 million dollars for each of Zubair, Missan, and Bai Hassan oil fields.
The new amount represents a sharp increase from what the ministry announced earlier. A previous draft of the Protocol shall show that the companies will pay a signature bonus 10 million U.S. dollars of oil and gas output to 100,000 barrels per day or the equivalent, and 50 U.S. dollars per barrel for each additional barrel produced.
FTP and model contracts have been sent to the international oil companies on Thursday after the ministry has introduced some changes to the former, he said, including a note attached to the documents signed by the Director-General of the Ministry of Petroleum Contracts and Licensing Directorate, Natiq al-Bayati.
