YAS ISLAND, March 29 (Reuters) - Iraq's Majnoon oilfield is is expected to produce 175,000 barrels of oil equivalent per day when commercial production begins in 2012, a senior Royal Dutch Shell RDSa.L executive said on Monday.
Iraq’s largest field is currently pumping at 45,000 boe/d, Shell’s Mounir Bouaziz, Vice-President New Business LNG for the Middle East and North Africa, told an industry event.
Shell and Malaysia’s Petronas [PETR.UL] signed a final contract to develop Iraq’s Majnoon oilfield, one of the world’s biggest, earlier this year.
Shell and Petronas won the rights in an auction held in Baghdad in December for the 12.6 billion barrel field in southern Iraq.
The 20-year development contract is one of several deals that Iraq expects to finalize in the coming weeks as it tries to catapult itself to third place from 11th in the league of oil producing nations. (Reporting by Luke Pachymuthu; Editing by Michael Urquhart)
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.