Other stories: Top 10 Middle East oil & gas events in 2010 | World’s 10 largest oilfield technology companies | World’s 10 largest petrochemicals companies | Oil industry giants: ADNOC | Oil industry giants: Saudi Aramco | Top 10 MENA Region mega projects | Top 10 billion dollar oil deals of the summer | 2009’s winners and losers in the oil industry | 10 events in oil’s history that shook the world | Top 10 Gulf mega projects | Top 10 largest publicly traded oil companies | World’s 10 largest oilfield services companies | World’s 10 largest oil and gas contractors
The Anglo-Dutch supermajor Shell has announced that the consortium it heads has signed the 20-year service contract for the Majnoon oilfield in Iraq.
In a statement the company said that deal was sealed in the Gulf state on January 17. Shell, as lead operator, will hold a 45% share, with partner Petronas holding 30% and the Iraqi state retaining 25%.
“Iraq’s oil and gas reserves are among the largest in the world and we look forward to applying our experience and technology to support ongoing efforts to rebuild the country’s energy infrastructure,” Shell’s CEO, Peter Vosser said.
The consortium targets a production plateau of 1.8 million barrels of oil per day, up from a current level of approximately 45,000 barrels of oil per day. Majnoon, located in southern Iraq, is one of the world’s largest oilfields.
The signing follows the contract award on December 11, 2009 and the approval of the Iraqi Council of Ministers on January 5, 2010.
