Luhais field development contracts near conclusion - Iraq
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Media reports suggest Iraq is in advanced talks for an oil service contract with a consortium of Vitol, Anadarko and Dome that will be required to boost output from the Luhais oil field by 100,000 b/d. The contract is the sixth in a batch of short-term oil service contracts worth around $500 million each that Iraq wants to sign with international oil companies in June. The consortium of European oil trader Vitol, US independent oil and gas company Anadarko and Dubai-based Dome has already taken part in two rounds of talks with Iraqi officials in Jordan’s capital of Amman for the contract. The Luhais oilfield is in southern Iraq and currently produces around 50,000 bo/d. In 2005 the Iraqi authorities awarded Petrel a $197 million development services contract for the Subba & Luhais oil fields. The scope of the contract was to ensure that all design work, supplies and services are delivered during the first Quarter of 2008; this will enable all construction and Petrel’s commissioning activities to be complete for oil and gas production during 2009. Petrel is unlikely to proceed further at this time as it was not listed as one of the 35 companies pre-qualified by the Iraqi Ministry of Oil to participate in the first licensing round for field development contracts.
This article is extracted from International Oil Letter, Vol 24 issue 19, published 12 May 2008.
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