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FINANCIAL NEWS
Shell boosts Iraq oilfield production
05 Dec 2010
(MENAFN) Germany-based, Royal Dutch Shell has signed an agreement with US-based Halliburton and the state-run Iraqi Drilling Co. to drill fifteen wells in the 12.8 billion barrel oilfield of Majnoon, in Basra in southern Iraq, in order to raise production to 175,000 barrels per day (bpd) by the end of 2012, Arabian Business reported.
According to executives, Shell, which partnered Malaysia’s state-run Petronas to develop the Majnoon oilfield, has increased production from the field from 40,000 bpd to 65,000 bpd in the current year.
A senior Iraqi oil official said that Shell and Petronas had also awarded UK-based oil and gas services company Petrofac Ltd. an engineering, procurement and construction deal to build two crude-oil processing plants, with a 50,000 bpd capacity each.
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