AFP - Iraq reached agreement with energy giants Shell and Petronas Friday for a massive southern oil field, part of a two-day auction that seeks to dramatically boost the country's crude output. The successful bid from the Anglo-Dutch and Malaysian consortium kicked off the bid round, which aims to catapult Iraq towards the top of the list of the world's oil producers and bring in much-needed revenues to rebuild the country. "The price that the consortium offered is a little bit less than the price offered by the oil ministry," Shahristani said. "It gets 100 points, so we can announce that Shell wins the bidding for Majnoon." The two companies requested fees of 1.39 dollars per barrel of oil extracted from the field, and projected that they would produce 1.8 million barrels per day. The project will be split 60 percent for Shell and 40 percent for Petronas.
The successful bid from the Anglo-Dutch and Malaysian consortium kicked off the bid round, which aims to catapult Iraq towards the top of the list of the world's oil producers and bring in much-needed revenues to rebuild the country.
"The price that the consortium offered is a little bit less than the price offered by the oil ministry," Shahristani said.
"It gets 100 points, so we can announce that Shell wins the bidding for Majnoon."
The two companies requested fees of 1.39 dollars per barrel of oil extracted from the field, and projected that they would produce 1.8 million barrels per day.
The project will be split 60 percent for Shell and 40 percent for Petronas.
