Royal Dutch Shell has exited the Majnoon oilfield in southern Iraq and handed over its operations to the state-run Basra Oil Company, two Iraqi oil officials close to the deal said on Wednesday.
Officials from Shell and Basra Oil met on Wednesday to mark the complete exit of Shell and the handover of operations.
“The handing-over process was smooth and without any issues,” said one Iraqi oil official after the meeting.
Shell has said it plans to focus on developing its gas joint venture in Iraq. Shell also sold its stake in West Qurna 1 to Japan’s Itochu Corp.
On April 5, the Iraqi oil ministry signed a two-year contract with Anton Oilfield Services and Petrofac to operate the giant Majnoon oilfield on behalf of Basra Oil Company.
Crude oil output from Majnoon is now about 235,000 barrels per day and Iraq plans to boost output to 450,000bpd in three years, oil officials said.
“Shell’s exit will not have any effect on production operations and we can increase output without any hurdles,” said another Iraqi oil official who is part of Majnoon’s operation team.
Iraq, Opec’s second-largest producer after Saudi Arabia, is producing about 4.4 million bpd, below its capacity, in line with global supply cuts led by Opec aimed at supporting prices and reducing oversupply.
UAE currency: the story behind the money in your pockets
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
RESULTS
6.30pm: Maiden Dh165,000 (Dirt) 1,200
Winner: Miqyaas, Adrie de Vries (jockey), Rashed Bouresly (trainer).
7.05pm: Handicap Dh165,000 (D) 1,600m
Winner: Untold Secret, Xavier Ziani, Salem bin Ghadayer.
7.40pm: Maiden Dh165,000 (D) 1,600m
Winner: Shanty Star, Fabrice Veron, Rashed Bouresly.
8.15pm: Handicap Dh190,000 (D) 1,600m
Winner: Alkaamel, Antonio Fresu, Musabah Al Muhairi.
8.50pm: Handicap Dh175,000 (D) 1,400m
Winner: Speedy Move, Richard Mullen, Satish Seemar.
9.25pm: Handicap Dh175,000 (D) 2,000m
Winner: Quartier Francois, Fernando Jara, Ali Rashid Al Raihe.
The%20specs
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How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
UAE currency: the story behind the money in your pockets
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Our Time Has Come
Alyssa Ayres, Oxford University Press
