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Chevron, Total Interested in Majnoon Oilfield

Source: Reuters 10/9/2017, Location: Middle East

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Iraqi oil minister Jabar al-Luaibi said that Chevron and Total are among the companies that have expressed interest in developing the Majnoon oilfield that Shell has said it wants to leave.

Royal Dutch Shell said last month it had agreed with Iraq’s oil ministry to relinquish operations at the Majnoon field to the government after unfavorable changes to fiscal terms. The announcement confirmed an earlier Reuters report.

Luaibi said Baghdad has not started negotiations with other international oil companies on Shell’s stake in the oilfield, as there has been no final decision taken on Shell’s plan to exit the field.

Negotiations with Shell are ongoing, Luaibi said, adding he hoped to “reach a satisfactory deal for both parties”.

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