Shell set to draw line under a century of Iraqi oil

14 Sep 2017   Iraq

Royal Dutch Shell ( RDSa.L ) is set to end a century of oil production in Iraq by withdrawing from two of the Arab state’s flagship fields to focus on more profitable gas development. Shell’s retreat highlights the challenges foreign operators face with low-margin oil contracts in Iraq, an OPEC member that sits on some of the world’s biggest oil reserves and wants to boost production after years of conflict hindered development. The Anglo-Dutch firm said on Wednesday it had agreed with Iraq’s oil ministry to relinquish operations at Majnoon field to the government after unfavorable changes to fiscal terms. The announcement confirmed an earlier Reuters report. Shell is also selling its 20 percent stake in […]

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