Arif Mohammed, Reuters: Saturday, 16 March 2013
Royal Dutch Shell will spend more than $1 billion this year developing one of Iraq major oilfields, where it will resume operations on May 1, officials said on Saturday.
“The figure for the budget will exceed one billion dollars,” said Mehdi Badi, the head of the joint management committee for the field.
The Majnoon field was shut down in June for maintenance and to bring new production facilities online.
When it comes back on stream, initial output will be 100,000barrels per day (bpd), which will quickly rise to 200,000, Oil Minister Abdul Kareem Luaibi said on Saturday.