Iraqi workers are seen at the Rumaila oil refinery, near the city of Basra, Iraq, in this Dec. 13, 2009, file photo. Iraq initialed a deal Sunday with a consortium led by European giant Royal Dutch Shell PLC and Malaysia’s state-run Petronas to develop one of Iraq’s most prized oil fields.
" H7 H% z- F* l4 _) q; [1 U Iraq has initialed a deal with a consortium led by European giant Royal Dutch Shell PLC and Malaysia’s state-run Petronas to develop one of Iraq’s most prized oil fields.: n/ p1 T" Y4 V7 c
Iraqi officials initialed the deal Sunday during a signing ceremony at Iraq’s Oil Ministry in Baghdad. The contract still must be approved by Iraq’s Cabinet.3 {: x. \# d" G) [0 N4 e1 A
The two companies won the right earlier this month to develop the 12.5 billion barrel southern Majnoon field. Shell-Petronas plan to raise production at Majnoon from the current 45,900 barrels per day to 1.8 million barrels per day over 10 years |