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FINANCIAL NEWS
Shell to develop Iraq’s Majnoon oilfield
17 Mar 2013
(MENAFN) Iraqi officials said that during the current year, Royal Dutch Shell will invest over USD1 billion in the country’s Majnoon oil field, reported Arabian Business.
Mehdi Badi, the head of the joint management committee for the field, said that Shell will start operations to develop the field on May 1, adding that the site was closed in June for maintenance.
Iraqi oil minister, Abdul Kareem Luaibi, stated that Majnoon oilfield’s initial production will stand at 100,000 barrels per day (bpd) and will grow to 200,000 eventually.
The field’s output is expected to increase Iraq’s oil exports to the average of 2.9 million bpd projected in the budget, offsetting the reduction from the Kurdistan region.
It is worth noting that in February, Iraq’s oil exports averaged 2.538 million bpd compared with 2.359 million in January.
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