Iraq’s Majnoon oil field is of no interest to Shell

14/09/2017 11:24 Oil Market

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Shell wants to sell its share in Iraq’s Majnoon oil field after both parties failed to reach an agreement on future production plans and investment budgets, as stated by Reuters on Wednesday.

 

In an official letter to Shell, the Iraq oil minister stated its respect for Shell’s decision to put an end to Shell Iraq Petroleum Development SIPD’s interest in Majnoon.  


The authenticity of the letter has been confirmed by three local oil officials and a senior engineer working at Majnoon with Shell. 


In November last year, Shell started to think about going out from Iraqi oil fields by selling its 45 percent stake in the Majnoon field, nevertheless with the intention to keep its natural gas fields in Iraq.

 

The oil production in Majnoon commenced in 2014 and, according to Shell’s website, the output represents an average of 210,000 bpd at present, which is 25,000 bpd less than the figures offered by Iraqi oil officials.
 

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