Most petroleum professionals, including myself, had expressed - TopicsExpress

Most petroleum professionals, including myself, had expressed their serious doubt about the suitability, attainability and sustainability of oil production plateau targets for many oilfields that were concluded pursuant to bid rounds one and two of 2009 and 2010. The Ministry of Oil-MoO and senior energy decision makers in government begun to rethink those production targets only after the findings of both the International Energy Agency IEA (2012) and the Booz&Co., Integrated Energy Strategy INES (2013) raised similar doubts on the likelihood of realizing the contracted plateau targets in volumes and on time; and both IEA and INES called for serious reduction on these contracted targets. Recent information from various official, industry and specialized media sources tells that agreements between MoO and related IOCs have been concluded pertaining to Rumaila and Halfaya oilfields, while those for West Qurna 1 (WQ1), West Qurna 2 (WQ2), Majnoon, and Zubair giant oilfields were finalized earlier; and related contracts have already been amended.

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