The minister of oil announced the formation of a national executive administration committee to administrate Majnoon field in the south of Iraq.
And the start to receive the responsibilities and documents from Shell Company whom decided to withdraw from the field consensually.
The field should be delivered by Shell Company within a time table ends at March the 30th of 2018 with keeping some employees from the company until June to complete the commitments and procedures.
Mr. Jabbar Ali Hussein Al-Luiebi the minister of oil said during his chairmanship over the meeting of the board of opinion in the ministry, that the formation of a national executive administration committee of the field is a significant correct step in order to go forward to administrate and execute the plans and development programs which was made earlier with Shell Company to raise the production capacity of the field to more than 400 thousand barrels/ day during the next few years.
Mr. Al-Luiebi said also that, one of the priorities of the administration is to reduce the barrel production cost from the field to 30%, which is the key standard to guarantee the efficiency of expenditure and production. He also pointed on that the new administration is working on to compensate the foreign employment which will leave with local employment from the Basrah oil company.
The director general of Basrah Oil Company said that the executive administration of the field includes experienced people from the company whom was chosen carefully to do this task. In addition to the contracting with the consultants whom will provide technical advice about the reservoir studies, maintenance, investment projects execution and else. He also confirmed that the receiving process is being done according to the agreed program, and the national executive administration will do all its commitments to develop the field according to the goals.
It is worthy to say that Shell have requested to withdraw from Majnoon field to develop the gas investment operations in Basrah Gas Company, In addition to the investment in the chemicals sector, because Shell Company is considered as the largest energy company in Iraq.
Source: Ministry of Oil