Iraq and Shell consortium sign the Majnoon Oilfield contract
The Ministry of Oil of the Republic of Iraq, Royal Dutch Shell plc (“Shell”) and Petronas Carigali (“Petronas”) today signed a 20-year 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 Voser.
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 licences.
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. For more information, see www.shell.com/aboutshell.
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