Iraq and Shell consortium signed the Majnoon Oilfield Contract
The Hague, 17th January 2010:The South Oil Company of the Republic of Iraq, the Missan Oil Company of the Republic of Iraq, Shell Iraq Petroleum Development B.V. (" Shell") and Petronas Carigali Sdn Bhd ("Petronas") today signed a 20-year service contract to provide technical assistance in the development of the Majnoon oilfield.
"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 Vosser.
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 contractor consortia.
The consortium targets a production plateau of 1.8 million barrels of oil per day, up from a current level of approximately 45,000 barrels of oil per day. Majnoon, located in southern Iraq, is one of the world's largest oil fields.
The signing follows the contract award on December 11, 2009 and the approval of the Iraqi Council of Ministers on January 5, 2010.
Royal Dutch Shell plc is a leading global energy company whose subsidiaries employ 102,000 people and operate in more than 100 countries and territories. Shell engages in the exploration and production of oil and natural gas, the refining and marketing of transportation fuels and other oil products, the production of chemicals and the development of renewable energy.
http://www.zawya.com/Story.cfm/sidZA...eld%20Contract
The Hague, 17th January 2010:The South Oil Company of the Republic of Iraq, the Missan Oil Company of the Republic of Iraq, Shell Iraq Petroleum Development B.V. (" Shell") and Petronas Carigali Sdn Bhd ("Petronas") today signed a 20-year service contract to provide technical assistance in the development of the Majnoon oilfield.
"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 Vosser.
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 contractor consortia.
The consortium targets a production plateau of 1.8 million barrels of oil per day, up from a current level of approximately 45,000 barrels of oil per day. Majnoon, located in southern Iraq, is one of the world's largest oil fields.
The signing follows the contract award on December 11, 2009 and the approval of the Iraqi Council of Ministers on January 5, 2010.
Royal Dutch Shell plc is a leading global energy company whose subsidiaries employ 102,000 people and operate in more than 100 countries and territories. Shell engages in the exploration and production of oil and natural gas, the refining and marketing of transportation fuels and other oil products, the production of chemicals and the development of renewable energy.
http://www.zawya.com/Story.cfm/sidZA...eld%20Contract