Middle East Economic Survey


No 50


Baghdad Round 2 Brings Multi-Million Barrel Production Promise

Iraq’s second upstream licensing round, being awarded on 11-12 December, promised to exceed expectations. Foreign oil consortia committed to add over 2mn b/d of new production at tough sub-$1.50/B fee levels on the first two of 10 projects on offer. The auction was continuing as MEES went to press. Shell (60%) and its partner Petronas (40%) outbid Total (57%) and...