Shell gas deal for south Iraq in a year

Iraq expects to sign a gas deal with Royal Dutch Shell within a year and negotiations to sign the deal will start soon, an Iraqi oil official said, Hassan Hafidh reports for Dow Jones Newswires. The Iraqi Oil Ministry needs to agree with Shell the terms of a joint venture in which Iraq's South Gas Co. will possess 51% of the venture and Shell 49%, the official said.

Total confirms its negotiations to develop the West Qurna oil field under a short-term deal to increase production have been halted. "We are disappointed in not being able to successfully conclude these negotiations," Total spokeswoman Lisa Wyler told The Associated Press in an e-mail, Sinan Salaheddin. "We are committed to working with the Ministry of Oil to consider further development opportunities within the oil and gas industry in Iraq."