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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.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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