The latest Shell Oil Company Iraq news – oilfields, pipelines, investment and more -brought to you by Iraq Business News
Shell EP Middle East Holdings B.V. has agreed to sell the entire share capital of Shell Iraq B.V (SIBV), which holds its 19.6% stake in the West Qurna 1 oil field, for $406 million, to a subsidiary of Japan's Itochu Corporation. The purchaser will also assume debt of $144 million as part of the transaction. […]
By John Lee. Saudi Basic Industries Corp (SABIC) is in talks to join Iraq's Nebras petrochemical project, according to a report from Reuters. An advisor to Prime Minister Haider al-Abadi told the news agency at the CWC Iraq Petroleum Conference in Berlin that talks are at advanced stage at ministerial level. He said SABIC would enter […]
By John Lee. Iraq reportedly plans to increase production at the Majnoon oilfield from 240,000 bpd now to 450,000 barrels within three years. Ahmed Abdul Razzaq, the head of a committee in charge of developing the field, told Reuters that the Basra Oil Company (BOC), which will take over operations from Shell, is studying proposals from […]
By John Lee. Japan’s Itochu has reportedly bought Shell's 20 percent stake in the West Qurna 1 oilfield. Ihsan Abdul Jabbar, the head of state-run Basra Oil Company (BOC), told Reuters that the oil ministry discussed the required financial investments and operations at the field with Itochu, and approved the deal. West Qurna 1, operated by […]
By John Lee. Iraq has reportedly reached an agreement with US engineering firm KBR to help manage projects to develop production capacity at the Majnoon oilfield. Shell is preparing to exit the Majnoon oilfield by the end of June 2018, handing it over to the state-run Basra Oil Company (BOC). Ihsan Abdul Jabbar, the head […]
By John Lee. Malaysia's Petronas has reportedly confirmed that it will exit from Iraq's Majnoon oil field along with joint stakeholder Shell. A spokeswoman for Petronas told The National: "Petronas confirms its exit from the Majnoon oilfield, Iraq, together with Shell. We will be working with Shell on the handover of the field to the […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Developing Majnoon Oilfield by National Effort -- Important Move in the Right Direction On 21st December, the Ministry of Oil (MoO) approved a set of measures relating to the development of the […]
By John Lee. Reuters reports that Iraq's oil ministry has said it had started to take over operations at Majnoon oilfield from Shell. Earlier this year, Shell said it will exit the field, which is expected to happen by the end of June. The ministry has formed a management team to handle production after the […]
By John Lee. Iraq has reportedly contracted Japan’s Toyo Engineering to help build a gas pipeline to Kuwait and a petrochemical plant as Baghdad. According to a report from Reuters, the move will help Iraq to reduce flaring and finish paying the reparations owed to Kuwait for the invasion in 1990. The project would allow […]
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, […]
Rebuilding Iraq is central to the agenda of the Iraq Britain Business Council (IBBC) autumn conference at The Address, Dubai Marina on 12th November. The opportunity for businesses in the region to engage in Iraq is reflected by the attendance of a number of high profile Iraqi Ministers: from Electricity, Transport, Oil, Construction and Housing, […]
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 […]
