Shell has decided to divest its Iraqi oil assets in a move to focus on the natural gas business. Shell’s current 45% stake in the Majnoon oil field will be relinquished in “due course”, official stated.
The company also indicated that the Iraqi Ministry of Oil formally endorsed the proposal.
According to Shell, the divestment will take not less than one year. Iraqi officials already indicated that Shell Iraq will now focus mainly on the Basra Gas Company and the Nebras Petrochemicals Project.
Sources put production at Majnoon at 235 kbpd with the target of 400 kbpd by 2020.
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