Shell exits Iraqi field

Iraq

BASRA, June 27, 2018 – Iraqi NOC Basra Oil has taken over the Majnoon field from Shell, international media reported on Wednesday.

“The handing over process was smooth and without any issues,” an anonymous Iraqi official told Reuters.

Shell announced that it would exit the oilfield, Iraq’s third-largest, in September 2017 following financial disagreements with the Baghdad government. Chevron was in talks to buy Shell’s 45% stake there, according to media reports in February 2018. In more recent statements, Iraqi officials said that they haven’t given up on bringing the super-major on board in the future.

In April 2018, Basra Oil signed a two-year deal with Petrofac and Anton Oilfield Services to operate Majnoon.

The remaining partners in the development are Petronas (30%) and state-owned Missan Oil Company (25%).