Iraq Initials Deal On Prized Oil Field

BAGHDAD -- Iraq has initialed a deal with a consortium led by European giant Royal Dutch Shell PLC and Malaysia's state-run Petronas to develop one of Iraq's most prized oil fields.

Iraqi officials initialed the deal Sunday during a signing ceremony at Iraq's Oil Ministry in Baghdad.

The contract still must be approved by Iraq's Cabinet.

The two companies won the right earlier this month to develop the 12.5 billion barrel southern Majnoon field.

Shell-Petronas plan to raise production at Majnoon from the current 45,900 barrels per day to 1.8 million barrels per day over 10 years.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by B Location: NC on Dec 20, 2009 at 01:11 PM
    We spend our money to help them and the sale the oil to somebody else, we should get out now,It's not our problem anymore!!!!!!!!!!!!
WITN

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 79753132 - witn.com/a?a=79753132
Gray Television, Inc.