By John Lee.
Iraq has reportedly reached an agreement with US engineering firm KBR to help manage projects to develop production capacity at the Majnoon oilfield.
Shell is preparing to exit the Majnoon oilfield by the end of June 2018, handing it over to the state-run Basra Oil Company (BOC).
Ihsan Abdul Jabbar, the head of the BOC, told Reuters that he is targeting to cut the cost of the projects’ development by 30 percent this year, adding that the development cost for Majnoon set by Shell in 2017 was $1 billion.
He also said that Iraq was still in talks with another foreign engineering firm to operate the energy facilities at the field, with a deal expected before June.
Shell is now advising the Majnoon management on the tendering process, and on maintaining normal operations at the field, said Abdul Jabbar.
(Source: Reuters)