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.
4 \" B, |3 \$ q9 u+ i 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.9 t1 \+ M0 U4 G
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.* B1 v; ?$ @7 w6 W% `/ I
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 |