Royal Dutch Shell Plc  .com Rotating Header Image

Iraq completes Shell-led deal for huge oil field

Associated Press

BAGHDAD (AP) – Iraq has finalized a deal with a consortium led by Royal Dutch Shell to develop one of Iraq’s mammoth oil fields in the south.

Shell and partner Malaysia’s state-run Petronas won the right to develop the 12.5 billion barrel field last month during Iraq’s second postwar bidding round.

The companies will be paid $1.39 per barrel produced. They plan to raise production at the Majnoon field from the current 45,900 barrels per day to 1.8 million barrels per day over 10 years.

The 20-year deal was inked Sunday during a ceremony at Iraq’s Oil Ministry in Baghdad.

The deal is one of seven agreements awarded in a December round that offered 15 oil fields up for bid. The other deals are expected to be finalized this month.

Copyright 2009 The Associated Press. All rights reserved.

Source Article

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “Iraq completes Shell-led deal for huge oil field”

Leave a Comment

%d bloggers like this: