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Shell Hands Over Iraq Majnoon Oilfield
Shell Hands Over Iraq Majnoon Oilfield

Shell Hands Over Iraq Majnoon Oilfield

Shell Hands Over Iraq Majnoon Oilfield

Oil major Royal Dutch Shell has exited the Majnoon Oilfield and handed over all its operations to the state-run Basra Oil Company, two Iraqi oil officials close to the deal said on Wednesday. Officials from Shell and Basra Oil Company met on Wednesday to mark the complete exit of Shell and the handing over of Majnoon, Reuters reported. “The handing over process was smooth and without any issues,” said an Iraqi oil official after the meeting. At the end of December, Iraq said it had formed a management team to take over operations from Shell after the Anglo-Dutch major exits the field by the end of June. Basra Oil said in February it plans to raise output at Majnoon to 450,000 bpd in three years, from 240,000 bpd now, by adding a new production platform. With an output of 4.4 million bpd in March, Iraq is the second-largest producer of the Organization of Petroleum Exporting Countries after Saudi Arabia.

 

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