Royal Dutch Shell PLC (RDSB.LN) plans to raise oil production from Iraq's supergiant Majnoon oil field to 175,000 barrels a day by the end of 2012, a company executive said Wednesday.
Royal Dutch Shell PLC (RDSB.LN) plans to raise oil production from
Iraq
's
supergiant Majnoon oil field to 175,000 barrels a day by the end of 2012, a
company executive said Wednesday.
Shell, which partnered
Malaysia
's
state-run Petronas (PETR.UL) to develop Majnoon, this year has raised production
from the field to 65,000 barrels a day from 40,000 barrels a day, the executive
told Dow Jones Newswires on the sidelines of an
Iraq
petroleum conference being held in
London
.
The Anglo-Dutch major also signed last week in
Basra
in
southern
Iraq
a deal
with Halliburton Co. (HAL) of the
U.S.
and
the state-run Iraqi Drilling Co. a contract to drill 15 wells at the
12.8-billion-barrel field. "Drilling is expected to start in March next
year," the executive said. He gave no figure of the value of the deal.
In August, a senior Iraqi oil official said that Shell/Petronas had also
awarded U.K.-based oil and gas services company Petrofac Ltd. (PFC.LN) an
engineering, procurement and construction contract to build two crude-oil
processing plants, each with a 50,000-barrel-a-day capacity. The project has
yet to be signed officially, people familiar with the matter said.
Shell and Petronas were awarded a contract a year ago to develop the Majnoon
field, which is located in
Basra
governorate. Shell owns 45% of the venture and Petronas 30%, with
Iraq
's
state-run South Oil Co. holding 25%.
They pledged to raise production to 1.8 million barrels a day from Majnoon by
2017.
Shell is also in the final stages of negotiations with the
Baghdad
government to sign a gas deal aimed at capturing and selling gas produced from
southern oil fields.
Last week, Iraqi Deputy Oil Mminister Ahmad al-Shammaa told reporters in
Basra
that
the $12.5 billion deal could be signed by the end of this year.
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