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FINANCIAL NEWS
Shell expects 200k bpd of crude output at Iraq’s Majnoon field
13 Nov 2012
(MENAFN) Royal Dutch Shell forecasted Iraq’s Majnoon oilfield output to top 200,000 barrels per day (bpd) in the third quarter of 2013, Reuters reported.
Shell and minority partner Petronas of Malaysia, won the Majnoon service contract by promising to boost the largely undeveloped field to 1.8 million bpd for a fee of USD1.39 a barrel.
The consortium started talks with Baghdad this year to reduce the target at the super-giant field to 1 million bpd.
Shell plans to invest USD1.384 billion as a “total recordable cost” for the field under 2013 development plan.
Shell is targeting 201,700 bpd output there in the third quarter and 202,700 bpd in the fourth.
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