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* Total Offers Plan To Utilize Gas From Iraq Missan Oil Fields -Official
Friday, Jan 27, 2012
(MORE TO FOLLOW) Dow Jones Newswires
27-01-12 1106GMT
Total Submits Plan To Utilize Gas From Iraq Missan Oil Fields -Official
Friday, Jan 27, 2012
By Hassan Hafidh
Of DOW JONES NEWSWIRES
BASRA, Iraq (Dow Jones)--France's oil major Total SA (TOT) has submitted an offer to the Iraqi Oil Ministry to capture and process associated gas flared from oil fields in Iraq's Missan governorate, a senior ministry official said Friday.
"Up to now only Total has submitted an offer to process gas from Buzurgan and Halfaya oil fields in Missan province," Ali Hussein Khudhier, director general of South Gas Co., an affiliate of the country's Oil Ministry, told Dow Jones Newswires.
Khudhier said Total 's offer, which is still under study by the Oil Ministry, is "too expensive." He gave no further details.
Buzurgan is a producing oil field at which some 50 million cubic feet of gas a day is being flared because of lack of infrastructure, Khudhier said. Gas production from the field is expected to increase to at least 280 million cubic feet a day when Missan is fully developed.
Buzurgan is being developed by China's Cnooc Ltd. (0883.HK) under a deal awarded in 2009. Total , along with PetroChina Co. Ltd. (0857.HK) and Malaysia's Petronas, are currently developing the nearby Halfaya.
Gulfsands Petroleum PLC (GPX.LN) said last year it was also negotiating a contract with the Iraqi government to utilize gas from Buzurgan. Khudhier, however, didn't say that Gulfsands has submitted an offer.
Iraq, which holds the world's 11th largest gas reserves at 112.6 trillion cubic feet, signed last year a $17.2 billion deal with Royal Dutch Shell PLC (RDSA) to capture and process gas from three fields in Basra--Rumaila, West Qurna phase 1 and Zubair.
-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831; hassan.hafidh@dowjones.com
(END) Dow Jones Newswires
27-01-12 1124GMT
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