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Siba – Material Gas Asset at Advanced
Stage of Development
Location Map
Highlights
Gas and condensate field with a 20-year service
contract
(1)
and a 5-year option to extend
(2)
Gas and condensate offtake with Southern Oil
Company through a “take-or-pay” contract for 100
mmscf/d
Current gas shortage for power generation in
Southern Iraq expected to provide a ready market
Remuneration fee independent of gas and
condensate price, paid on per boe of production
(3)(4)
Farm-out of 15% revenue WI / 20% cost WI to EGPC
completed on 18 May 2017
Source: Company filing, GCA report.
(1) Contract expiry in 2032. (2) Subject to agreement by the South Oil Company. (3) Gas production in standard cubic feet are converted to barrels of oil equivalent using a conversion factor of 6.
(4) Remuneration fee of $2.25-7.5/boe, based on R-factor.
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Oil Field Gas Field
Country Border