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Shell will sell its stake in West Qurna 1 oil field to Itochu for $ 406 million
March 24 2018 10:37 p
March 24 2018 10:37 p
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Royal Dutch Shell has agreed to sell its stake in Iraq's West Qurna 1 oil field to Japan's Itocho Corp. for $ 406 million.
The deal comes as the British-Dutch company agreed to exit the Majnoon oil project, one of Iraq's largest fields, and hand over its operations to the state-run Basra Oil Company by the end of June.
The company said Shell BP Middle East Holdings would sell its entire stake in Iraq Shell (SAIB), which holds a 19.6 percent stake in the oil field, to a subsidiary of Itochu.
Under the agreement, Itochu will also have a $ 144 million debt.
Shell said it has obtained the necessary regulatory approvals and is expected to complete the sale soon, with the effective date of the agreement on 31 December 2015.
A senior Iraqi oil official told Reuters in January that Iraq had agreed to sell.
West Qurna 1, run by Exxon Mobil, produces about 405,000 barrels per day at present.
The deal comes as the British-Dutch company agreed to exit the Majnoon oil project, one of Iraq's largest fields, and hand over its operations to the state-run Basra Oil Company by the end of June.
The company said Shell BP Middle East Holdings would sell its entire stake in Iraq Shell (SAIB), which holds a 19.6 percent stake in the oil field, to a subsidiary of Itochu.
Under the agreement, Itochu will also have a $ 144 million debt.
Shell said it has obtained the necessary regulatory approvals and is expected to complete the sale soon, with the effective date of the agreement on 31 December 2015.
A senior Iraqi oil official told Reuters in January that Iraq had agreed to sell.
West Qurna 1, run by Exxon Mobil, produces about 405,000 barrels per day at present.
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