Shell, Petronas sign Majnoon oil field contract with Iraq

By OGJ editors
HOUSTON, Jan. 18
-- Iraq’s Ministry of Oil has signed a 20-year contract with Royal Dutch Shell PLC and Malaysia’s Petronas to provide technical assistance in the development of the Majnoon oil field.

The consortium targets a production plateau of 1.8 million b/d of oil, up from a current level of 45,000 b/d. Majnoon, which lies in southern Iraq, is one of the world’s largest oil fields.

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

“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 Chief Executive Officer Peter Voser.

The signing follows the contract award on Dec. 11, 2009, and the approval of the Iraqi Council of Ministers on Jan. 5.

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