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By John Lee.
Basra Oil Company (BOC) has signed contracts with the Chinese company Anton Oilfield Services Group (Antonoil) and the US company KBR to operate and maintain the Majnoon oil field.
A statement from the Ministry of Oil put the value of the contracts at $118 million, adding that there would be “other secondary contracts” to follow.
BOC will take over operations at Majnoon from Shell by the end of June.
(Source: Ministry of Oil)
By John Lee.
Oil executives have told Reuters that the Iraqi Oil Ministry has signed a two-year contract with China’s Anton Oilfield Services (Antonoil) and Petrofac to operate the giant Majnoon oilfield (pictured).
The companies will operate the oilfield on behalf of the state-owned Basra Oil Company (BOC), which will take over operations from Shell by the end of June.
(Source: Reuters)
By John Lee.
According to a report from Platts, the Iraqi oil ministry is about to award two management contracts to replace Shell at the Majnoon oil field.
Sources say the state-run Basra Oil Company (BOC) has opted to operate the field instead of replacing Shell, and junior partner Petronas, which announced last year it was relinquishing its 2010 technical service contract.
They added that KBR will play a project management consultant role, while China’s Anton Oil will handle production operations and management, ch after the recent oil price decline — which altered the financial equation for the contract.
(Source: Platts)
By John Lee.
Iraq reportedly plans to increase production at the Majnoon oilfield from 240,000 bpd now to 450,000 barrels within three years.
Ahmed Abdul Razzaq, the head of a committee in charge of developing the field, told Reuters that the Basra Oil Company (BOC), which will take over operations from Shell, is studying proposals from three oilfield services companies to boost output at the field in southern Iraq.
(Source: Reuters)
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)
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)
By Ahmed Mousa Jiyad.
Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.
Developing Majnoon Oilfield by National Effort — Important Move in the Right Direction
On 21st December, the Ministry of Oil (MoO) approved a set of measures relating to the development of the super giant Majnoon oilfield after Shell relingushed it back to Iraq
In addition to my emphatic strong and absolute support for the Ministry of Oil on this action regarding Majnoon oilfield, I find it timely to highlight some related basic issues that MoO and other authorities, especially the Council of Ministers and the Parliament, should pay attention to and take the necessary action on them.
Please click here to download the full report.
Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here.
By John Lee.
Reuters reports that Iraq’s oil ministry has said it had started to take over operations at Majnoon oilfield from Shell.
Earlier this year, Shell said it will exit the field, which is expected to happen by the end of June.
The ministry has formed a management team to handle production after the exit.
(Source: Reuters)
By John Lee.
Reuters has reported that both BP and Eni have expressed an interest in developing the giant Majnoon oilfield, which Shell plans to exit next year.
Iraqi oil officials told the news agency that Iraq’s Ministry of Oil has not yet started negotiations with either company.
BP is currently developing the Rumaila field, while Eni operates Zubair.
Shell is expected to hand over Majnoon operations to the state-owned Basra Oil Company by the end of June 2018.
Both Chevron and Total have been previously reported as being interested in taking over the field.
(Source: Reuters)
By John Lee.
Malaysia’s Petronas has reportedly decided to withdraw from its 30-percent participating interest in Iraq’s giant Majnoon oil field.
According to Bloomberg, the decision came as the company considers the returns to be too low. It is expected to hire advisers to help find an interested party to take up the holding.
Shell is also said to be trying to sell its 45-percent stake in the field, following a failure to reach agreement with Iraq’s Ministry of Oil. Both Chevron and Total have expressed interest in the project.
Petronas is currently involved in Iraq’s Badra, Garraf, Halfaya, and Majnoon.
(Source: Bloomberg)