Tag Archives | Majnoon

BP, Eni “interested in Majnoon Oilfield”

By John Lee. Reuters has reported that both BP and Eni have expressed an interest in developing the giant Majnoon oilfield, which Shell plans to exit next year. Iraqi oil officials told the news agency that Iraq’s Ministry of Oil has not yet started negotiations with either company. BP is currently developing the Rumaila field, […]

Petronas may Exit Majnoon Oil Field

By John Lee. Malaysia’s Petronas has reportedly decided to withdraw from its 30-percent participating interest in Iraq’s giant Majnoon oil field. According to Bloomberg, the decision came as the company considers the returns to be too low. It is expected to hire advisers to help find an interested party to take up the holding. Shell is […]

Chevron, Total interested in Majnoon oilfield

By John Lee. Iraqi Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] (pictured) has reportedly said that Chevron and Total have expressed interest in developing the Majnoon oilfield. Oil giant Shell is trying to sell its stake in the field following a failure to reach agreement with Iraq’s Ministry of Oil. Reuters quotes the Minister as […]

Shell to Exit Iraqi Oil Business

By John Lee. Oil giant Shell is trying to sell its stake in the Majnoon oilfield (pictured) in southern Iraq, following a failure to reach agreement with Iraq’s Ministry of Oil. A Shell spokesman told UAE-based newspaper The National: “Following extensive discussions with the Ministry of Oil, the oil minister of Iraq formally endorsed a […]

Oil Output to hit 5.4m bpd in 2022

By John Lee. According to a report from Bloomberg, the International Energy Agency (IEA) has predicted that Iraq will retain its position as OPEC’s second-biggest oil producer, adding 700,000 barrels per day (bpd) to reach 5.4 million bpd by 2022. Most of the increase will come from southern oilfields, such as the Shell‘s Majnoon project. […]

Iraq, Iran agree to Resolve Dispute on Joint Oil Fields

By Sara al-Qaher for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  On Feb. 20, the Iraqi Oil Ministry signed a memorandum of understanding with the Iranian Oil Ministry to settle disputes over the joint oil fields and examine the possibility of building […]

US Firm in $210m Deal at Majnoon Field

By John Lee. According to a report from Reuters, Anglo-Dutch Shell has signed a $210-million contract with US-based Halliburton to drill 30 wells at the Majnoon field over the next three years. The contract is expected to raise output at the field from 220,000 barrels per day currently to about 400,000 bpd in three years. (Source: Reuters)

Shell “Considering Selling” Iraq Oil Assets

By John Lee. Shell is reported to be considering selling its oil fields in Iraq, as part of a global $30-billion asset disposal program. The move follows the company’s $54-billion acquisition of gas company BG Group earlier this year. Industry sources told Reuters that Shell has found only limited financial benefits in recent years from […]

Shell, Vitol increase UAE storage for Iraqi Oil

By John Lee. Shell and oil trading house Vitol are reported to be stepping up their operations in the port of Fujairah to store Iraqi crude. Shell, an equity partner in Iraq’s Majnoon oilfield, leased five large crude storage tanks at Fujairah port last year. Vitol has also started to store crude from Iraqi Kurdistan in […]

Emerson Expands Support Facility in Iraq

US-based technology and engineering company Emerson has officially opened its expanded facility in Al Majal Business Park in North Rumaila. The company moved from its existing facility in Albradheya, Basrah to the new facility to increase its capabilities and address the needs of its continuously expanding installed base. The Al Majal facility will serve as […]

Oil Companies trim Investments in Iraq

By John Lee. Major oil companies including BP, Shell and Lukoil are reported to be cutting investment in Iraq. “You’re going through difficult months,” said Ariel Flores, general manager of the BP-led Rumaila Operating Organization (ROO) told the Wall Street Journal. “You slow down and you make decisions to pause efforts.” Rumaila oil field now […]