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.

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 ...

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