Iraq to sign seven pre-contracts for developing oil fields

Iraqi oil officers will have a busy end of the year: the country will sign seven preliminary exploration contracts with the companies that bid successfully last week for seven fields. Then, the cabinet will analyse the contracts and give a final approval. On Sunday, the consortium formed by Shell and Petronas will sign the draft for the development of the Majnoon area, with reserves of 12.58 billion barrels; on the next day, Petronas will return, to sign with Japan’s Japex a pre-contract to develop the Garraf field, which holds about 860 million barrels.

On Tuesday, Chinese giant CNPC, France’s Total and Petronas (once again) will sign for the exploitation of the Halfaya field which has estimated reserves of 4.09 billions barrels. On Thursday, Petronas will sign its fourth contract in the week, along with Kogas, TPAO and Russian tycoon Gazproom, to develop the Badra field, whose reserves are estimated in 109 million barrels.

On December 29th Lukoil and StatoilHydro will team up to ratify the preliminary contract to exploit West Qurna-2 with reserves of 12.876 billion barrel; the following day, Angola’s state-owned oil company Sonangol will sign two contracts, covering the Najmah and Qaiyarah areas, which contain estimated reserves of 858 and 807 million barrels, respectively.