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After its development during the past years .. Shell withdraw from the field of Majnoon and handed over to the South Oil


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Shell: Our efforts will focus on Basra gas in Iraq after the surrender of Majnoon

 

 Since 2017-09-13 at 11:13 (Baghdad time)

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Baghdad Mawazine News

LONDON (Reuters) - Royal Dutch Shell, the oil giant, said on Wednesday it would focus its efforts on the development of the Basra gas company in Iraq after the operations of the Majnoon oil project were handed back to the Iraqi government.

"Shell Iraq is preparing to finalize its exit from the Majnoon field, one of the largest fields in the country," Reuters said.

"The oil ministry in Iraq has applied the penalty of performance and the compensation clause in the project run by Shell, the Majnoon oilfield, which has had a significant impact on its commercial nature," a Shell spokesman said.

Shell then decided that it was in the interest of all parties to hand over operations in the Majnoon project to the Iraqi government.

"Shell remains strongly committed to Iraq. Shell will be in a stronger position by handing over the Majnoon administration to the Oil Ministry to maximize the value of the Government of Iraq and its people as well as our shareholders by focusing their efforts on the development of the Basrah Gas Company. "

And the Basrah Gas Company is a joint venture between Shell, South Gas Company, Mitsubishi and Nebras Petrochemicals Project

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Economy News _ Baghdad

Iraqi oil officials working with Shell in the Majnoon oil field said on Wednesday that the company is seeking to withdraw from the field in southern Iraq.

Reuters quoted a senior Iraqi engineer and three other oil officials as saying today (September 13, 2017) that Royal Dutch Shell is seeking to withdraw from the Mahanoon oil field.

"The ministry has begun to finalize the company's exit," Iraqi Oil Minister Jabbar al-Luaibi said in a letter dated August 23. "We respect your desire and your decision to seek an acceptable end to Shell's Iraq stake in Majnoon."

And gave the letter Allaibi, approval of the Anglo-Dutch company to withdraw from the field of Majnoon.

In November, oil industry sources said Shell was considering selling its oil fields in Iraq as part of its global $ 30 billion asset disposal program.

 
Views 1422   Date Added 09/13/2017
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Economy News Baghdad:

LONDON (Reuters) - Royal Dutch Shell, the oil giant, said on Wednesday it would focus its efforts on the development of the Basra gas company in Iraq after the operations of the Majnoon oil project were handed back to the Iraqi government.

Reuters said on Tuesday that Shell Iraq is preparing to finalize its exit from the Majnoon field, one of the largest fields in the country.

"In May 2017, the Oil Ministry of Iraq applied the penalty of performance and compensation clause in the project run by Shell, the Majnoon oil field, which had a significant impact on its commercial nature," a Shell spokesman said.

Shell then decided that it was in the interest of all parties to hand over operations in the Majnoon project to the Iraqi government.

"Shell remains strongly committed to Iraq. Shell will be in a stronger position by handing over the Majnoon administration to the Oil Ministry to maximize the value of the Government of Iraq and its people as well as our shareholders by focusing their efforts on the development of the Basrah Gas Company. "

The Gas Company of Basra is a joint venture between Shell, South Gas Company, Mitsubishi and Nebras Petrochemicals.

 

Views 173   Date Added 13/09/2017

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Iraq, September 13, 2017 
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Royal Dutch Shell is seeking to sell Iraq’s Majnoon oilfield and the oil ministry has started preparations to finalize its exit, according to an oil ministry letter and oil officials.

A letter signed by Iraqi oil minister Jabar al-Luaibi and dated Aug. 23 and directed to Shell Iraq Petroleum Development gave approval for Shell to quit Majnoon, an oilfield near Basrah which started production in 2014.

“We respect your desire and decision to seek an acceptable end of Shell Iraq Petroleum Development SIPD’s interest in Majnoon,” the oil ministry letter said, a copy of which was seen by Reuters. SIPD is Shell’s local unit.

Three Iraqi oil officials and an Iraqi senior engineer working with Shell in Majnoon confirmed the letter’s authenticity.

A Shell spokesman was not immediately available for comment.

In November, industry sources had told Reuters that Shell was considering selling out of its oil fields in Iraq as part of its global $30 billion asset disposal program.

Shell is the operator of the giant Majnoon field near Basrah in southern Iraq which started production in 2014.

The officials said the oil ministry and Royal Dutch Shell had been discussing investment budgets and production activities but failed to reach a deal.

“We failed to reach an agreement with Shell over its Majnoon operations, including production plans and investments budgets. We think it’s for the interest of all parties that Shell should withdraw,” said an oil official who attended a meeting last month in the oil ministry to discuss how to manage Majnoon after the withdrawal of Shell.

Shell holds a 45 percent interest in Majnoon that it operates under a technical service contract that expires in 2030, according to its 2015 annual report.

Malaysia’s national oil company Petronas holds a 30 percent stake in the field while the Iraqi government holds the remaining 25 percent.

Production from Majnoon is currently at around 235,000 barrels per day, according to Iraq’s oil officials.

Despite the withdrawal from Majnoon Shell will keep its operations in gas and petrochemical projects in Iraq, the letter said.

reuters

 

http://iraqdailyjournal.com/story-z15881451

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(4017)   -   Number of readings: 698   -   Number (4017)
 
 
Shell prepares to withdraw from Majnoon oil field



 Translation / Hamid Ahmed 
 

LONDON (Reuters) - Royal Dutch Shell, the oil giant, said on Wednesday it would focus its efforts on the development of the Basra gas company in Iraq after the operations of the Majnoon oil project were handed over to the Iraqi government. Reuters reported last Tuesday that Shell Iraq was preparing to finalize its exit from the Majnoon field, one of the country's largest fields. According to a letter from the oil ministry and oil officials, Royal Dutch Shell, a Dutch-British oil company, is seeking to sell its stake in the Majnoon oil field and the oil ministry has begun its work to end the process of leaving the field. A letter signed by Iraqi Oil Minister Jabbar al-Oeibi on August 23 and addressed to Shell Iraq for oil development gives approval to the company to exit the Majnoon field, a giant oil field near Basra started producing oil in 2014.



"We respect your desire and your decision to seek an acceptable end to the share of Iraq's Shell Oil Development Company (SIPD) in the Majnoon field," the Oil Ministry said. Three Iraqi oil officials and a senior Iraqi technical officer working with Shell in the Majnoon field confirmed the reliability of the oil ministry's book. Shell is the operator of the giant Majnoon oil field near Basra, which began its commercial production in 2014. Officials said the oil ministry and Royal Dutch Shell had held discussions on the investment budget and production work in the field, but failed to reach an agreement. "We have failed to reach an agreement with Shell about the operation of the Majnoon field, which includes production plans and investment budgets in the field," said an oil official who attended a meeting at the Oil Ministry last month to discuss how to manage the Majnoon field after Shell's withdrawal. You withdraw Shell from the field. "




According to Shell's annual report for 2015, it owns 45% of the Majnoon field, which oversees its production operations in accordance with a contract that expires in 2030. The Malaysian national oil company Petronas Petronas 30% of the shares of the field of Majnoon, while the Iraqi government has the remaining share of 25% of the shares. According to officials at the Ministry of Oil, the current rate of production of oil from the field of Majnun up to 235,000 barrels per day. The Oil Ministry also said that despite Shell's withdrawal from the Majnoon field, it would continue its work on gas and petrochemical products in Iraq. Shell spokesman said: "In May 2017, the Ministry of Oil in Iraq applied the penalty of performance and compensation clause in the project run by Shell, Majnoon oil field, which had a significant impact on the nature of trade.




Shell then decided that it was in the interest of all parties to hand over operations in the Majnoon project to the Iraqi government. "Shell remains strongly committed to Iraq. Shell will be in a stronger position by handing over the Majnoon administration to the Oil Ministry to maximize the value of the Government of Iraq and its people as well as our shareholders by focusing their efforts on the development of the Basrah Gas Company. " The Gas Company of Basra is a joint venture between Shell, South Gas Company, Mitsubishi and Nebras Petrochemicals. About Reuters

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  • yota691 changed the title to Oil denies the withdrawal of Shell from Iraq
 
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Economy News Baghdad:

 

The Ministry of Oil denied on Wednesday news that Shell's global withdrawal from the oil and gas fields in southern Iraq. 

The official spokesman for the Ministry of Oil Assem Jihad in an interview with "Economy News", "Shell International issued a statement previously talked about seeking to withdraw from the Majnoon field within the Basra Oil Company and focus its work on the development of the gas sector in Iraq. 

He added that "the matter has not been resolved so far by Shell and is still doing its work in the field of Majnoon oil did not withdraw from it," noting that "there is no truth to the news that talks about the withdrawal of Shell from Iraq."

Shell holds a 45 percent stake in the Majnoon oil field, which it runs under a technical service contract that expires in 2030, according to its 2015 annual report. 

 

 

Views 51   Date Added 04/10/2017

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  • yota691 changed the title to Al-Allaibi: Negotiations with international oil companies on Shell's share of Majnoon field have not begun

Al-Allaibi: Negotiations with international oil companies on Shell's share of Majnoon field have not begun

 

 Since 2017-10-09 at 14:12 (Baghdad time)

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Baghdad Mawazine News

Oil Minister Jabbar al-Allaibi said on Monday Chevron and Total were among the companies that showed interest in developing the Majnoon field, which Shell said it wanted to pull out of. He pointed out that he did not start negotiations with international oil companies on the share of Shell in the field. According to Reuters.

He said Allaibi, "Baghdad has not begun negotiations with any international oil companies on the share of Shell in the field where no final decision on the Shell plan to leave the field."

He added that "negotiations continue with Shell, expressing the hope to reach a mutually satisfactory agreement."

Al-Allaibi confirmed that "Chevron and Total are among the companies that have shown an interest in developing the Majnoon field."

Royal Dutch Shell said last month it had agreed with the Iraqi Oil Ministry on the government's handover of the Majnoon field after changes unsuitable for financial conditions.

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  • yota691 changed the title to Iraq may offer Total and Chevron different conditions for Shell to develop the Majnoon field

Iraq may offer Total and Chevron different conditions for Shell to develop the Majnoon field

 

 From 2017-10-21 at 18:49 (Baghdad time)

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Continue Mawazine News:

Iraq's oil minister Jabbar al-Allaibi said on Saturday that Iraq may offer to Chevron and Total conditions for the development of Majnoon oil field different from the conditions that was offered to Royal Dutch Shell.

Iraq will develop the Majnoon oilfield in southern Iraq with its own resources until it can find a foreign partner, al-Allaibi told reporters. He added that a company had not yet been selected.

On October 9, Allaibi said Chevron and Total were among the companies that showed interest in developing the Majnoon field, which Shell said it wanted to pull out of because of unacceptable changes in financial conditions.

Iraqi Oil Minister Jabbar al-Luaibi said he would seek clarification from Russian oil giant Rosneft over contracts signed with Iraq's Kurdistan region.

Al-Allaibi told reporters in Baghdad that Rosneft confirmed that the contracts are preliminary and not prepared for implementation and gave no further details.

On Thursday, Rosneft agreed to control Iraq's main oil pipeline, boosting its investment in the autonomous region to $ 3.5 billion.

The Iraqi government has warned companies not to sign contracts with Iraqi Kurdistan and Iraqi forces seized control of oil-rich Kirkuk this week from Kurdish forces.

Rosneft said it would invest money in expanding the pipeline, hoping to increase its capacity by one third to 950,000 bpd. This equates to about 1 percent of the world's total supply.

is over

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  • yota691 changed the title to After its development during the past years .. Shell withdraw from the field of Majnoon and handed over to the South Oil

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Number of readings: 1652 08-11-2017 03:47 PM
 
 

08-11-2017 03:47 PM 

 

The management of the Basra Oil Company, on Wednesday, that they discussed with the management of the company 'Shell' mechanism of delivery of the Majnoon oil field, which decided to withdraw from it after being developed over the past few years . 

A statement by the company 'A visit to the field of Majnoon by the Director General of the company met with leading cadres in Shell dealt with the mechanism of delivery of the field to the South Oil Company to ensure that the challenges beyond the withdrawal of Shell .

The statement added that 'the director of the Basra Oil Company also met with Iraqi cadres working in the field and explained to them the opportunity to stay in the field, and answered their inquiries regarding contracts of work during the period following the withdrawal of Shell from the field', pointing out that 'Basra Petroleum Company is duty to maintain Investments in the field and development '.

 

The Majnoon field, which runs along the Iraqi-Iranian border, is the third largest oil field in the world. The Iraqi Oil Ministry believes that it has stockpiles of 38 billion barrels. Oil operations began in 1978, Which took place some of the fiercest battles in the field, and late 2009 the production of the field reached the national effort to 90 thousand barrels per day, and in 2010, the Ministry of Oil contracted within the second licensing round with a coalition led by the global company (Shell) to develop the field .

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