Shell chief says making progress on Iraq deal
Shell’s Chief Executive Officer Jeroen van der Veer attends the opening day of the 19th World Petroleum Congress in Madrid, June 30, 2008.
REUTERS/Susana Vera
MADRID (Reuters) – Royal Dutch Shell (RDSa.L: Quote, Profile, Research) is making progress in talks on a deal to invest in Iraq’s oil and gas industry, but is unsure when a contract will be agreed, Chief Executive Jeroen van der Veer said on Monday.
Van der Veer told a press conference at the World Petroleum Congress he hoped a deal could be concluded in weeks rather than months, but said on specific timing: “I don’t have a clue.”
Shell and other oil majors are preparing to sign contracts to help Iraq’s national oil company boost output, without waiting for a final law deciding how oil revenue should be split between Baghdad and the regions.
Shell has previously downplayed the significance of the service contracts being discussed, adding it would not make major investments in Iraq without agreement on the law.
The CEO also said he expected the Bonga field in Nigeria to be back fully online soon, after an attack by militants.
“We assume that will be a matter of days not weeks.”
(Reporting by Tom Bergin; Editing by David Holmes)
© Thomson Reuters 2008 All rights reserved.
http://uk.reuters.com/article/businessNews/idUKWLA560220080630
*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All created and supported by internet wizz, Nick Gill.
