Details of Shell gas deal emerge
Iraqi official confirms plans for LNG export, but promises to meet domestic power demands before sending natural gas abroad.
Flares burn off natural gas associated with crude oil production at the Zubair field in Basra. (STAFF/Iraq Oil Report)
The Iraqi government has made public some terms of a potential venture with Royal Dutch Shell to develop Iraq’s enormous natural gas resources.
The details came a day after the Council of Ministers gave preliminary approval to the deal, which was first announced in 2008. Along with junior partner Mitsubishi (5%), Iraq’s South Gas Company (51%) and Shell (44%) would form a consortium called the Basra Gas Company, which would capture natural gas that is currently flared as a waste byproduct of crude oil production in southern Iraq.
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