Petronas hit the "Shell" in the withdrawal of the crazy

A month after Dutch giant Royal Dutch Shell announced its intention to withdraw from its investment in Iraq's giant Majnoon oilfield, Mithila Petronas (National Oil Company of Malaysia) announced its intention to sell its stake in the same field and leave.
"Petronas has decided to withdraw from its participation in the development of the Majnoon field in southern Iraq and to sell its 30 percent stake in the field because it believes the project revenues are very low," Bloomberg news agency quoted sources as saying. The source, who asked not to be named, said the Malaysian company could soon use consultants to help find another interested party to buy its shares in the field. Another source said that the company had contacted in the past few weeks the Iraqi Oil Ministry to discuss with them on this decision. Petronas follows Royal Dutch Shell in its bid to withdraw from the Majnoon oilfield, one of the largest Iraqi oil fields with a production ceiling of 200,000 barrels per day, as well as the sale of its stake in West Qurna 1. Shell holds 45% In a development service contract that runs until 2030, where it receives a fee for each barrel it produces at a certain production rate. The oil and financial circles saw Shell's withdrawal shed light on the challenges facing foreign companies operating in Iraq, citing possible Iranian pressure to abandon investment in the Majnoon field, fearing Iran would be the field to raise Iraq's share of the oil market. Analysts said the political vacuum and violent clashes between tribes near oilfields in southern Iraq are hampering the activity of foreign firms and raising production costs. The South Oil Company acknowledged that the violence had begun to scare oil workers and foreign contractors who in some cases refused to move drilling platforms because of security concerns. Analysts said the political vacuum and violent clashes between tribes near oilfields in southern Iraq are hampering the activity of foreign firms and raising production costs. The South Oil Company acknowledged that the violence had begun to scare oil workers and foreign contractors who in some cases refused to move drilling platforms because of security concerns. Analysts said the political vacuum and violent clashes between tribes near oilfields in southern Iraq are hampering the activity of foreign firms and raising production costs. The South Oil Company acknowledged that the violence had begun to scare oil workers and foreign contractors who in some cases refused to move drilling platforms because of security concerns.