Chevron, Total Interested in Iraqi Oilfield

Iraqi Oil Minister Jabar al-Luaibi said on Monday that Chevron and Total are among companies that have expressed interest in developing the Majnoon Oilfield that Shell has said it wants to leave. Royal Dutch Shell said last month it had agreed with Iraq’s Oil Ministry to relinquish operations at the Majnoon field to the government after unfavorable changes to fiscal terms. The announcement confirmed an earlier Reuters report. Luaibi said Baghdad has not started negotiations with other international oil companies on Shell’s stake in the oilfield, as there has been no final decision taken on Shell’s plan to exit the field. Negotiations with Shell are ongoing, Luaibi said, adding that he hoped to “reach a satisfactory deal for both parties”. In November, industry sources had told Reuters that Shell was considering selling out of its oilfields in Iraq as part of its global $30 billion asset divestment program. The officials said the oil ministry and Royal Dutch Shell had been discussing investment budgets and production activities but failed to reach a deal.