BAGHDAD: Royal Dutch Shell, Europe's largest oil company, and Petroliam Nasional Bhd (Petronas) signed a final contract yesterday to develop Iraq's Majnoon oilfield, one of the world's biggest.
Shell and Petronas won the rights in an auction held in Baghdad in December for the 12.6 billion barrel field in southern Iraq.
The 20-year development contract is one of several deals that Iraq expects to finalise in the coming weeks as it tries to catapult itself to third place from 11th in the league of oil producing nations.
The deal was signed at Iraq's Oil Ministry in the presence of Iraqi Oil Minister Hussain al-Shahristani and a vice president of Shell Gas and Power, Mounir Bouaziz.
The Majnoon deal is a key to Iraq's ambitious plans to revive its stagnant oil sector after years of war and economic sanctions that allowed infrastructure to fall into disrepair.
Iraq hopes to boost output capacity to 12 million barrels per day (bpd) — rivalling Saudi Arabia and Russia — from around 2.5 million bpd now.
Majnoon, near the southern oil hub of Basra, is one of the world's biggest largely untapped fields. — Reuters
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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