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Key License Terms
Iraq Assets Overview (Cont’d)
Initial Remuneration Fee – Selected Iraqi Oilfields ($/boe)
7.5
7.0
6.2
6.0
5.5
5.5
5.0
2.0
2.0
1.9
1.5
1.4
1.4
1.2
Siba
Mansuriya
Block 9
Najmah
Badra
Akkas
Qayara
Rumeila
Zubair
WQ1
Gharaf
Halfaya
Majnoon
WQ2
Kuwait
Energy Assets
Iraqi assets are service contracts with 100% take-or-pay
Kuwait Energy has the highest initial service fees, subject to R-Factor, across all licensing rounds
Service fee independent of oil price, and include rapid cost recovery mechanism
Kuwait Energy offtake in cash or in kind (i.e. crude oil)
South Oil Company (SOC) as the offtaker, has a reputation of consistent payments to IOCs counter parties in Iraq
Source: Petroleum Contracts and Licensing Directorate of the Iraqi Ministry of Oil.
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