Siba gas field

The Siba gas field is situated the southern Basra Governorate, some 30 kilometres (km) south-east of Basra city. The field is approximately 21km long and 6-13km wide.

Contract Negotiations
At Iraq's third post-war licensing round in 2010, the Siba contract area attracted a total of two bids from three companies. The winning bid came from a consortium of Kuwait Energy Company and Turkish TPAO, who proposed a remuneration fee of $7.50 per barrel of oil equivalent (boe) and a production plateau of 100 million standard cubic feet (MMscf) per day. They outbid an offer from Kazakhstan's KazMunayGas, who proposed a remuneration fee of $16 per boe. TPAO told press in June 2011 that the two partners expected to invest $1 billion in the field.

Under the terms of the contract, which will last for 20 years, Kuwait Energy will be the operator at Siba with a 45% share in the venture. TPAO holds a 30% interest and the remaining 25% is held by the state-owned Maysan Oil Company. Kuwait Energy Chairman Kr Manssour Aboukhamseen referred to the deal as 'a significant milestone for Kuwait Energy' and the Arab Times described the deal as "as politically symbolic as it was a business coup."

Production and Export
In August 2012 Iraq's Oil Ministry signed a contract with Kuwait Energy to carry out a seismic survey at the Siba field. As of December 2012 the Siba field was still awaiting development.

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