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Shell Signs Iraq Oil Field Deal

Iraq : 10 February 2010

Sarah O’Connell, Sunday 7th February

Shell signs deal to develop Majnoon oil field.

Malaysia’s state run oil company, Petronas and Royal Dutch Shell have signed a twenty year deal to develop the Majnoon oil field.

Majnoon, which is located in southern Iraq is one of the world’s biggest oil fields, but currently produces only 46,000 barrels daily. The new developers have stated their intention to increase that output to 1.8million barrels a day.

Shell will lead the operation and hold 45% share of the deal with Petronas owning 30%. The contract was signed after the Iraqi Council of Ministers approved the deal in January this year.

Iraq’s oil reserves are amongst the largest in the world, ranking behind only Saudi Arabia and Iran but its production of about 2.4 million barrels daily is still comparatively small. The country is currently seeking foreign investment in order to reconstruct its oil industry and boost production.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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