A final signing could come as early as next week, after Iraq's Cabinet approved Shell's deal to capture billions of dollars' worth of associated gas that is currently flared in Basra.

Cabinet approves Shell gas deal

Cabinet approves Shell gas deal
The flares of the Nahran Omar oil field in al-Sumoud, north of Basra city. Iraq approved a deal with Shell on Nov. 15 that aims to reduce the wasteful practice of gas flaring. (ALI ABU IRAQ/Iraq Oil Report)

Iraq's Cabinet approved a groundbreaking gas joint venture with Royal Dutch Shell on Tuesday, paving the way for a project that will capture natural gas currently burned off as a waste byproduct from three of the country's largest oil fields."Now, after the approval of the Cabinet, we are going to do the final signing of the contract soon, most likely next week," said a senior Iraqi oil official.Shell will lead the effort to capture and process 700 million standard cubic feet per day (s...

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