Shell Opens Majnoon Oil Field

By John Lee.

Shell has officially inaugurated Iraq’s huge Majnoon oil field on Sunday, and said it aims to reach 175,000 barrels a day in the coming weeks.

Production from the field’s first well started on 20th September, and Hussein al Shahristani, the Iraqi deputy prime minister for energy, said in Dubai that output is expected to rise to almost 200,000 barrels a day before the end of the year.

Shell owns 45 percent of the venture, with Petronas owning 30 percent, and the Iraqi state holding 25 percent.

They have pledged to eventually raise production to 1.8 million barrels a day.

(Source: WSJ)

10 Responses to Shell Opens Majnoon Oil Field

  1. Ahmed Mousa Jiyad October 11, 2013 at 12:17 pm #

    Neither Shell nor Petronas owns Mejnoon, Iraq does!
    What is reported on Majnoon ownership is totally wrong. The field is operated on Service Contract base where both Shell and Petronas receive remuneration fee of $1.39 per barrel. After deducting the State Partner share and the Corporate Income tax, the “maximum net remuneration fee” payable to the two IOCs is $0.678 per barrel. From this net remuneration fee Shell will have $0.407 a barrel while Petronas have $0.271 a barrel. I say “maximum” because this net remuneration fee could be reduced further due to the effect of “R-factor”; to a “minimum” net remuneration fee of $0.0813 and $0.0542 a barrel to Shell and Petronas respectively .
    Ahmed Mousa Jiyad,
    Iraq/ Development Consultancy and Research,
    Norway.
    [email protected]
    11 Oct 20113

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