Petronas takes Garraf

Petronas and Japex the lowest of four bids for Garraf, bidding an extra 80,000 barrels per day beyond the ministry's minimum.

BAGHDAD - Petronas, with junior partner Japex, successfully won the Garraf oilfield with an offer of a $1.49 per barrel remuneration fee and a production target of 230,000 barrels per day (bpd). Petronas will take a 60 percent in the field and Japex 40 percent.

The partners outbid a bid by Kazmunigaz and Kogas (each with 45 percent) and Edison (10 percent), offering $2.55 and 185,000 bpd. TPAO, in a 60/40 split with ONGC, offered $2.76 and 200,000 bpd. Pertamina went alone and offered a way off $7.50 and 150,000 bpd.

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