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A consortium including the Anglo-Dutch supermajor Shell has made the winning bid for the contract to develop the massive Majnoon oilfield in Iraq.
In a statement released on the company’s website, Shell stated that it will develop the field with its partner, Petronas Carigali and will be paid US$1.39 per barrel for the oil extracted.
“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 statement said.
“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,” it added.
French oil major Total, partnered with China’s CNPC, had also bid for the field.
