After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half next year, two officials close to the talks told Reuters on Wednesday. At the Majnoon oilfield near Basra in southern Iraq, Shell is currently the operator and holder of a 45 percent stake, with Malaysia’s Petronas owning 30 percent, and Iraq’s Missan Oil Company holding the remaining 25 percent. The oilfield started production in 2014 and now produces an average of 210,000 bpd, according to Shell’s website. Reports emerged in September that Shell had decided to sell its interest in the Majnoon field after the oil major and Iraq failed to agree on future production plans and investments budgets. “We respect your desire and decision to seek an acceptable end of Shell Iraq Petroleum Development SIPD’s interest in Majnoon,” […]