By John Lee.
Malaysia’s Petronas has reportedly confirmed that it will exit from Iraq’s Majnoon oil field along with joint stakeholder Shell.
A spokeswoman for Petronas told The National:
“Petronas confirms its exit from the Majnoon oilfield, Iraq, together with Shell. We will be working with Shell on the handover of the field to the Basra Oil Company [BOC].
“An announcement will be made once details of the handover is finalised.“
Petronas holds a 30-percent stake in the field, with Shell having 45 percent.
On 21st December, Iraq’s Ministry of Oil approved a set of measures relating to the development of the super giant field once Shell relingushes it back to Iraq; IBN Expert Blogger Ahmed Mousa Jiyad described the decision as “an important move in the right direction“.
Petronas retains interests in the Badra, Garraf, Halfaya oilfields.
(Source: The National)