Shell accelerates Iraq drawdown with Majnoon exit

Negotiations begin over handing back the Majnoon operatorship, months after stake in West Qurna 1 was put up for sale, highlighting one major oil company's resistance to Iraq's tough terms.
Shell accelerates Iraq drawdown with Majnoon exit
The Majnoon contract being initialed by Shell Vice President Mounir Bouaziz on Dec. 20, 2009. (BEN LANDO/Iraq Oil Report)

NEW YORK/BASRA - Royal Dutch Shell is further reducing its exposure to the Iraqi oil sector, announcing Wednesday that the company has reached an initial deal with Iraq's Oil Ministry to leave the nearly eight-year-old Majnoon oil field project.

Shell is also in the process of selling its 20 percent stake in the ExxonMobil-operated West Qurna 1 field, part of the company's global effort to leave projects that have lower upsides.

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