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two companies sign oil deal with Iraq[/size]
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40 minutes ago
two companies sign oil deal with Iraq[/size]
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40 minutes ago
The Oil Ministry has signed a two-year contract with Anton Oilfield Services and Petrofac to operate the giant Majnoon oilfield, two oil executives said on Thursday.
The two companies are to operate the field in the south of the country on behalf of the Iraqi government's Basra Oil Company, which receives operations from Royal Dutch Shell.
Shell announced its intention to exit the field, which began production in 2014, by the end of June.
The two officials said the Majnoon field contract with Anton and Petrofac could be renewed after two years.
The co-executive officers, one Iraqi and one foreign, asked not to be identified.
The Basra Oil Company said in February it plans to increase production from Majnoon field to 450 thousand barrels per day in three years from 240 thousand barrels per day now by adding a new production platform.
Iraq is OPEC's second largest oil producer after Saudi Arabia and produced 4.4 million bpd of crude in March.
Iraq is producing less than its full capacity of about 5 million bpd under an agreement between OPEC and other producers, including Russia, to curb global supplies to support oil prices.
The Iraqi government this week announced plans to increase the country's production capacity to 6.5 million bpd by 2022.
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