Iraq and Shell consortium sign the Majnoon oilfield contract

The Ministry of Oil of the Republic of Iraq, Royal Dutch Shell plc (Shell) and Petronas Carigali (Petronas) have signed a 20 year contract to provide technical assistance in the development of the Majnoon oilfield.

Rebuilding Iraq’s energy infrastructure
‘Iraq’s oil and gas reserves are among the largest in the world and we look forward to applying our experience and technology to support ongoing efforts to rebuild the country’s energy infrastructure,’ said Shell’s CEO, Peter Voser.

Shell, as lead operator, will hold a 45% share with partner Petronas holding 30%. The Iraqi state holds 25% of the participating interests in all licences.

The consortium targets a production plateau of 1.8 million bpd of oil, up from a current level of approximately 45 000 bpd. Majnoon, located in southern Iraq, is one of the world’s largest oilfields. The signing follows the contract award on 11 December 2009 and the approval of the Iraqi Council of Ministers on 5 January 5 2010.

Published on 21/01/2010

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