Iraq Oil Contracts Auctioned
Posted on Dec 11, 2009
After a bidding war among 44 oil companies, Shell of the United Kingdom and Petronas of Malaysia have jointly won the right to 10 oil fields in Iraq, in the second such auction since the 2003 invasion. —JCL
A joint venture between the UK’s Shell and Malaysia’s Petronas oil companies has won the right to develop Iraq’s giant Majnoon oil field.
[...] Shell and Petronas beat a rival bid from France’s Total and China’s CNPC.
Although Majnoon is a huge oil field, with reserves of 13 billion barrels of oil, it currently produces just 46,000 barrels per day.
flickr.com / B69D
Shell and Petronas plan to get 1.8 million barrels a day from the Majnoon oil field, which currently produces 46,000 barrels a day.