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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Shell prepares to withdraw from Majnoon oil field

    Rocky
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    • Post n°1

    Shell prepares to withdraw from Majnoon oil field Empty Shell prepares to withdraw from Majnoon oil field

    Post by Rocky Fri 15 Sep 2017, 7:48 am

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    Shell prepares to withdraw from Majnoon oil field


     Translation / Hamid Ahmed 

    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 over to the Iraqi government. Reuters reported last Tuesday that Shell Iraq was preparing to finalize its exit from the Majnoon field, one of the country's largest fields. According to a letter from the oil ministry and oil officials, Royal Dutch Shell, the Dutch-British oil company, is seeking to sell its stake in the Majnoon oil field and the oil ministry has begun its work to end the process of leaving the field. A letter signed by Iraqi Oil Minister Jabbar al-Oeibi on August 23 and addressed to Shell Iraq for oil development gives approval to the company to exit the Majnoon field, a giant oil field near Basra started producing oil in 2014.



    "We respect your desire and your decision to seek an acceptable end to the share of Iraq's Shell Oil Development Company (SIPD) in the Majnoon field," the Oil Ministry said. Three Iraqi oil officials and a senior Iraqi technical officer working with Shell in the Majnoon field confirmed the reliability of the oil ministry's book. Shell is the operator of the giant Majnoon oil field near Basra, which began its commercial production in 2014. Officials said the oil ministry and Royal Dutch Shell had held discussions on the investment budget and production work in the field, but failed to reach an agreement. "We failed to reach an agreement with Shell about the operation of the Majnoon field, which includes production plans and investment budgets in the field," said an oil official attending a meeting at the Oil Ministry last month to discuss how to manage the Majnoon field after Shell's withdrawal. You withdraw Shell from the field. "




    According to Shell's annual report for 2015, it owns 45% of the Majnoon field, which oversees its production operations in accordance with a contract that expires in 2030. The Malaysian national oil company Petronas Petronas 30% of the shares of the field of Majnoon, while the Iraqi government has the remaining share of 25% of the shares. According to officials at the Ministry of Oil, the current rate of production of oil from the field of Majnun up to 235,000 barrels per day. The Oil Ministry also said that despite Shell's withdrawal from the Majnoon field, it will continue its work on gas and petrochemical products in Iraq. Shell spokesman said: "In May 2017, the Ministry of Oil in Iraq applied the penalty of performance and compensation clause in the project run by Shell, Majnoon oil field, which had a significant impact on the nature of trade.




    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. About Reuters

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