Iraq signs oil deal worth tens of billions for field in South near Basra
Wednesday, December 23, 2009 E-Mail this story Free Headline Alerts
BAGHDAD Ñ Iraq has signed a major energy deal with a consortium led by Royal Dutch Shell.
Under the deal, signed on Dec. 20, Shell would spend tens of billions of dollars over the next 20 years to develop Iraq's Majnoun crude oil field.
Majnoun, located near the southern port of Basra, was believed to contain reserves of 12.6 billion barrels.
The consortium also includes Malaysia's state-owned Petronas, which was awarded the Majnoun project in early December. The contract must be approved by the Iraqi Cabinet.
Shell has also been selected to develop the first phase of West Qurna along with ExxonMobil. Shell has also won initial approval to develop a natural gas field in southern Iraq with Japan's Mitsubishi.