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Location Map
Highlights
o
Expected to commence production in 1H 2018
at 25 mmscf/d of gas plus the associated
condensate, and expected to reach plateau in
June 2019
o
Gas and condensate field with a 20-year service
contract and a 5-year option to extend
o
Gas and condensate offtake with Southern Oil
Company through a “take-or-pay” contract for
100 mmscf/d of gas
o
Current gas shortage for power generation in
Southern Iraq expected to provide a ready
market
o
Remuneration fee independent of gas and
condensate price, paid on per boe of
production
o
Farm-out of 15% revenue WI / 20% cost WI to
EGPC completed on 18 May 2017
Source: Company filing, GCA report.
(1) Contract expiry in 2032. (2) Subject to agreement by the South Oil Company. (3) Gas production in standard cubic feet are converted to barrels of oil equivalent using a conversion factor of 6.
(4) Remuneration fee of $2.25-7.5/boe, based on R-factor.
Oil Field Gas Field
Country Border
18
Siba – Material Gas Asset at Advanced Stage of
Development
(1)
(2)
(3) (4)