Iraq signs oil deal worth tens of billions for field in South near Basra
BAGHDAD — 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.
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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.