+44(0) 800 772 3004

Shell Planning 'Massive' Expansion of Iraq Gas Venture

Following the sale of its oil assets in Iraq, Shell have announced their full commitment to its gas joint venture in Iraq.

Following the sale of its stake in West Qurna 1 to the Japanese Itochu Corp, along with its handing back of the assets to Majnoon, Shell is focusing its efforts on development of gas production with the Basrah Gas Company. Plans have been announced to boost its gas output in Iraqto 1.4 billion cubic feet (bcf) a day by 2020, which represents a 40% increase on current output levels.

This will help Iraq meet its target to stop gas flaring by 2021, which currently costs the country around $2.5billion per year in lost revenue. The Basrah Gas Company consists of a 51 percent stake from the Iraq Government, 44 percent stake from Shell and 5 percent stake from Mitsubishi Corp.

Source: Reuters


Read more news like this

Oil and Gas News