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Shell Hands Back Majnoon to Basra Oil Company

The oil giants operations have officially ended

Royal Dutch Shell have now ended their operations at Southern Iraq's Majnoon oil field, handing operations back to the state owned Basra Oil Company. 

Following the oil majors plans to exit the oil field earlier this year, officials of the two organisations met on Wednesday to mark the exit and a full handover.

Shell's focus will now shift to the development of its joint venture for gas operations.

In early April, The Iraqi Oil Ministry signed a new two year contract with Petrofac and Anton Oilfield Services who will continue to operate the Majnoon field on behalf of the BOC. Crude output at the giant oilfield is currently at around 235,000 barrels per day, while Oil Ministry officials have outlined plans to boost production at the field to a potential 450,000 bpd over the next three years.

Source: Reuters

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