Shell-Petronas Consortium All Smiles Over Majnoon
The Iraqi Ministry of Oil today awarded Shell and Petronas Carigali a contract for technical assistance in developing the Majnoon field, subject to ratification by the Iraqi authorities.
Shell will operate the Development and Production Service Contract under the terms of the second licensing round for Iraqi oil and gas contracts. As laid out by the Ministry of Oil those terms call for 25% of the participating interests in all licences to be held by the Iraqi State. Shell will hold a 45% share, with Petronas holding 30%.
The consortium bid a plateau production of 1.8 million barrels of oil per day, up from a current level of approximately 45,000 barrels of oil per day. Majnoon is one of the largest oil fields in the world, and Shell and Petronas look forward to developing this world class resource base with its partners.
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Company: PETRONAS more info
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Company: Iraq Ministry of Oil more info
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