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Oil announces the receipt of Majnoon oil field from Shell at the end of March
Economy News Baghdad:
The Minister of Oil, Jabbar al-Luaibi, on Thursday, the formation of a national executive management of the field of Majnoon oil in the south of the country and the immediate receipt of responsibilities and documents from Shell, which decided to withdraw from the field by mutual consent, indicating that he set a timetable for receipt of the field ends on 30 March 2018 with the presence of some workers from Shell until June to complete some of the obligations and procedures.
"The formation of the National Executive Directorate of the field is an important step in the right direction to move forward in the management and implementation of the development plans and programs that were previously approved with Shell to increase the capacity of the field to more than 400 thousand barrels per day during Next years".
He added that "the priority of this administration to reduce the cost of production of the barrel of this field to more than 30%, which is the basis for ensuring the efficiency of spending and production," adding that "the new administration to regulate the process of compensation of foreign workers leaving the field with a local one of the Basra Oil Company and others."
For his part, the Director General of the Basra Oil Company that the field management includes specialists who have expertise and skill in the Basra Oil Company, were carefully selected to do this task in addition to contracting with consultants to provide technical advice in the studies of reservoir and maintenance and implementation of investment projects and others, The receipt of the field from Shell is proceeding according to the agreed program, and the new national executive management will implement the commitments related to the field development in order to achieve the planned goals.
Shell has asked to withdraw from the field of Majnoon to devote fully to the development of gas investment operations in the Gas Company of Basra.
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