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Shell says it will focus its efforts on Basra gas in Iraq after the surrender of Majnoon

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rocky
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Shell says it will focus its efforts on Basra gas in Iraq after the surrender of Majnoon

Post by rocky on Wed 13 Sep 2017, 3:29 am

 Shell says it will focus its efforts on Basra gas in Iraq after the surrender of Majnoon

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Economy News Baghdad:
LONDON (Reuters) - Royal Dutch Shell, the oil giant, said on Wednesday it would focus its efforts on the development of the Basra gas company in Iraq after the operations of the Majnoon oil project were handed back to the Iraqi government.
Reuters said on Tuesday that Shell Iraq is preparing to finalize its exit from the Majnoon field, one of the largest fields in the country.
"In May 2017, the Oil Ministry of Iraq applied the penalty of performance and compensation clause in the project run by Shell, the Majnoon oil field, which had a significant impact on its commercial nature," a Shell spokesman said.
Shell then decided that it was in the interest of all parties to hand over operations in the Majnoon project to the Iraqi government.
"Shell remains strongly committed to Iraq. Shell will be in a stronger position by handing over the Majnoon administration to the Oil Ministry to maximize the value of the Government of Iraq and its people as well as our shareholders by focusing their efforts on the development of the Basrah Gas Company. "
The Gas Company of Basra is a joint venture between Shell, South Gas Company, Mitsubishi and Nebras Petrochemicals.

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