Wan Zulkiflee Wan Ariffin, CEO, Petronas, aims to cut expenses by as much as RM50 billion (US$11.9 billion) over the next four years. Therefore, Petronas has reportedly decided to discontinue its operations in the Majnoon oil field due to low returns. The energy firm may look to hire on advisors to seek and find any interested parties to buy up their 30% stake.
Shell is also reported to be interested in selling their stake in the oil field, theirs being a 45% operating interest, after failing to reach an agreement with the Iraqi Ministry of Oil.
Despite the two massive energy giants looking to exit operations on Majnoon, Total and Chevron have expressed interested in continuing operations on the field.
Majnoon is one of the richest oil fields in the world with an estimated 38 billion barrels of oil. The field was named Majnoon after the Arabic word for "crazy" alluding to the enormous amount of oil there.