2010:6) (approx. 5%) Source: West Qurna1: Exxon-Shell Model (based mainly on Jiyad, September and December 2010; Wells, 2009; and Technical Services Contract for Brown Fields) Table 6.7A: Financial parameters Parameter Value Acronym Document Notes Source Oil price $60 per barrel Wells For simplicity, all (2009:7) prices and costs SEE NOTE in model are BELOW assumed to be (i.e. after “real” allowing for inflation) Capital $25 billion CAPEX Wells Distributed expenditure (November similar to Wells 2009:7) p.7 Operating $24.13 billion OPEX Wells Actual figure is expenditure (November $25 billion in ($2/barrel) 2009:7) Wells (2009:7) No breakdown between fixed and variable OPEX available so all OPEX is variable Signature bonus $100 million SB Jiyad Original $400 (September million SB (loan) 2010:3) recoverable as supplementary Jiyad cost now (December abandoned 2010:19) Minimum $200 million MEO Jiyad expenditure (December obligation 2010:16) Early recovery 50% of ERPC Jiyad “deemed payment cap of (December revenues” incremental 2010:15,16) production Basic $1.9 per barrel RF Jiyad remuneration fee (December 2010:19)
2010:6) (approx. 5%) Source: West Qurna1: Exxon-Shell Model (based mainly on Jiyad, September and December 2010; Wells, 2009; and Technical Services Contract for Brown Fields) Table 6.7A: Financial parameters Parameter Value Acronym Document Source Notes Oil price $60 per barrel SEE NOTE BELOW Wells (2009:7) For simplicity, all prices and costs in model are assumed to be “real” (i.e. after allowing for inflation) Capital expenditure $25 billion CAPEX Wells (November 2009:7) Distributed similar to Wells p.7 Operating expenditure $24.13 billion ($2/barrel) OPEX Wells (November 2009:7) Actual figure is $25 billion in Wells (2009:7) No breakdown between fixed and variable OPEX available so all OPEX is variable Signature bonus $100 million SB Jiyad (September 2010:3) Jiyad (December 2010:19) Original $400 million SB (loan) recoverable as supplementary cost now abandoned Minimum expenditure obligation $200 million MEO Jiyad (December 2010:16) Early recovery payment cap 50% of “deemed revenues” of incremental production ERPC Jiyad (December 2010:15,16) Basic remuneration fee $1.9 per barrel RF Jiyad (December 2010:19)