Shell and Petronas Carigali win rights to develop Iraqi oilfield

The Iraqi Ministry of Oil has awarded Shell and Petronas Carigali a contract for technical assistance in developing the Majnoon field, subject to ratification by the Iraqi authorities.

Contract terms
Shell will operate the development and production service contract under the terms of the second licensing round for Iraqi oil and gas contracts. As laid out by the Ministry of Oil those terms call for 25% of the participating interests in all licences to be held by the Iraqi State. Shell will hold a 45% share, with Petronas holding 30%.

Increasing production
The consortium bid a plateau production of 1.8 million bpd of oil, up from a current level of approximately 45 000 bpd. Majnoon is one of the largest oilfields in the world, and Shell and Petronas look forward to developing this world class resource base with its partners.

Published on 17/12/2009

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