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Iraq invites foreign companies to develop Nassiriya oilfield, refinery project

10.23.2012  | 

The contract would come in a package that would include the construction of a refinery and will have more favorable terms than the previous service contracts that Iraq signed with international oil companies, a domestic oil industry official said, without giving further details.

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By HASSAN HAFIDH

Iraq's oil ministry on Tuesday invited international companies to bid to develop the giant Nassiriya oil field in southern Iraq and build a nearby refinery in a package deal.

“The project contemplates the integrated development of the (4+) billion barrel Nassiriya oil field in Thi-Qar province together with the construction and operation of a new 300,000 bpd refinery," the ministry said in a statement on its website.

Potential bidders would join upstream companies already qualified by the ministry to develop the project, it said.

Earlier this year, the head of the oil ministry's petroleum contracts and licensing directorate, Abdul Mahdy al-Ameedi, said some 47 prequalified upstream firms will be invited to compete for the project.

The contract would come in a package that would include the construction of a refinery and will have more favorable terms than the previous service contracts that Iraq signed with international oil companies, he said, without giving further details.

A consortium of three Japanese companies comprising JX Holding, Inpex and JGC Corp. had negotiated the Nassiriya oil field for three years. But negotiations were called off at the last minute in 2009 over financing reasons.

Nassiriya's proven crude oil reserves of more than 4.4 billion bbl make it an attractive investment

Iraq's three aging main refineries - Dura, Baiji, and Basra - are producing at 70% of capacity, equivalent to around 560,000 bpd.

Iraq hopes to increase its refining capacity to at least 750,000 bpd this year.


Dow Jones Newswires



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